Anatoly Aksakov proposed to split bills on CFA and cryptocurrencies

Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov said that the law on digitalfinancial assets (CFA) is ready for adoption, and the law on digital currencies needs to be finalized.

Aksakov said that following the meeting of the State Duma andThe Federation Council, which considered proposals aimed at restoring the Russian economy, employment and incomes, the Russian government supported the initiative on the early adoption of the draft CFA. However, he believes that the law on digital currency has too many controversial issues, and the document requires serious discussion and improvements. Despite the willingness to adopt the CFA law, it is too early to talk about approving the digital currency law.

Many experts believe thatThe version of the CFA bill proposed by the State Duma Committee on the Financial Market will lead to the closure of Russian cryptocurrency startups and stop the development of blockchain in Russia. According to the latest version of the bill, the release and circulation of digital financial assets, as well as the development and use of information systems will be fully controlled by regulators. This means that only those startups in which the Bank of Russia will be interested will be able to “stay afloat” in the country.

Last week the Ministry of EconomicDevelopment sent a letter to the State Duma in which it criticized the new version of the bill on DFA and digital currencies. The agency believes that such regulation will contribute to the development of shadow activities of legal entities and private entrepreneurs working with cryptocurrencies. Therefore, it is necessary to achieve not a complete ban on crypto-assets, but to develop mechanisms for their effective control and establish certain requirements for conducting cryptocurrency activities in the country.

Deputy Head of the Ministry of Communications Maxim Parshin alsocriticized the current edition of the CFA bill. In his opinion, mining will remain outside the scope of this law, which is aimed at maintaining the blockchain's operability. If the current version of the CFA law is adopted, not only cryptocurrencies, but also ICOs may be banned. The ban on cryptocurrencies will hit the pocket of investors who have already invested in digital assets.

Let us recall that in May the State Duma Committee on Financialmarkets proposed to amend the codes, suggesting the introduction of fines of up to 2 million rubles or imprisonment for up to 7 years for the issue and circulation of public crypto-assets. However, Aksakov later clarified that these amendments have not yet been agreed upon, and the latest version of the CFA bill approved by the ministries, prepared for the second reading at the beginning of 2019, does not prohibit the use of cryptocurrencies in Russia. The concepts of cryptocurrency and tokens are excluded from the text of this bill, although they can be classified as one of the types of DFA.

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