The draft law "On digital financial assets" aimed at regulating the crypto market in Russia has undergone significant changes. For the second reading in the State Duma of the Russian Federation, a new version of the document was prepared, which from now on does not describe mining as a process of extracting cryptocurrencies. In the updated text, mining refers to attracting investment. In addition, the bill will not regulate cryptocurrency transactions.
The concept of "cryptocurrency" has disappeared from the new edition of the legislative draft "On digital financial assets", and mining by this draft law is now considered only as a tool for issuing tokens intended to attract funding. In the previous version of this document, mining was described as a method of mining cryptocurrencies, and the cryptocurrencies themselves were classified as one of the types of digital assets.
The bill will also no longer regulate financial transactions with cryptocurrencies, from now on, only the exchange and sale of tokens with tokens will remain the subject of regulation under this bill. The token in this document is "a unit of account that replaces securities in the digital world and certifies the ownership of the asset."
The new draft law also does not provide for the timing of the legalization of cryptocurrencies in the Russian Federation. According to the members of the working group on drafting the bill, the state seeks to reduce the risks associated with cryptocurrencies, therefore it limits the crypto market to a rather narrow framework. Translation and opening of cryptocurrency business and blockchain projects in Russia remains impossible so far.
However, both Russian / foreign organizations and individuals registered as individual entrepreneurs will be able to issue tokens. For this, organizations need to prepare a special decision on the issue. It is noteworthy that the issue of tokens must be secured by the property of the issuer or third parties.
The placement of digital financial assets will take place on specialized platforms licensed as a professional participant in the securities market, entered in the register of the Central Bank.
The current version of the bill, as experts note, has acquired a more market-based form, because it reflects the possibility of tokenizing debt and shares. In addition, the mechanisms for the transfer of company shares to third parties have been simplified.
As a reminder, the Skolkovo regulatory working group has recently developed a draft law recognizing the legal significance of transactions and contracts concluded in electronic form using electronic signatures and smart contracts.
Note that Deputy Prime Minister of the Russian Federation Maxim Akimov said recently that bills on crowdfunding and digital financial assets could be adopted in the autumn session of the State Duma.
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