December 8, 2023

Aksakov proposes to split bills on CFA and cryptocurrencies

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Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov proposes dividing the law “On Digital Financial Assets” into two separate documents.

According to Aksakov, such a division will allow us to quickly pass a draft law on CFA, which contains basic norms for the development of the digital economy and asset tokenization.

Controversial issues raise questions about digital currencies. Aksakov proposes to put them in a separate bill and continue discussion of controversial issues.

Despite the desire of Russian business to quicklyto introduce cryptocurrency into the legal framework of the country, the provisions on digital currency presented in the document did not satisfy market participants. In their opinion, the law actually prohibits all cryptocurrency transactions in Russia, fully reflecting the position of the Central Bank.

The proposed provisions of the law are capable of completely destroying the Russian cryptocurrency market and require improvement.&nbsp;

Ministry of Economic Development and Deputy HeadMinistry of Telecom and Mass Communications Maxim Parshin spoke out against the May version of the law, which not only ignores cryptocurrency mining, but also makes ICOs illegal. In their opinion, complete control of information systems and the issue of digital assets by regulators will lead to a monopoly in the market.&nbsp;

The latest edition of the law&nbsp;on&nbsp;CFA withamendments and additions, proposed in May, actually prohibit the circulation of cryptocurrency on the territory of the Russian Federation and provide for fines of up to 2 million rubles or imprisonment of up to 7 years for violating legal norms.

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