Crypt Bill

Today, July 22, the State Duma is due to adopt the bill on digital financial assets in its final reading.The document will regulate the operation of blockchain platforms, describe the responsibilities of cryptocurrency owners.
Now the owners of “crypto” will have todeclare it as property in order to obtain legal protection in case of problems with this asset. Tokens and their issue will be regulated like ordinary securities. Two concepts will be introduced: digital financial assets and digital currencies. Digital currencies are cryptocurrencies, and digital assets are digital securities placed through the blockchain. Blockchain platforms, their operators and owners will have to register with the Central Bank in order to be able to issue tokens, which must be Russian. The same rule of mandatory registration also applies to exchange platforms where tokens can be exchanged. Digital financial assets must have a document stating the volume of issue and the rights of their owners. This is analogous to a securities prospectus.

Most likely, the Central Bank will separately develop restrictions on access to tokens so that they become available only to qualified investors.

This bill includes only the concept of digitalcurrencies and some related terms. the document says that the issuance and circulation of cryptocurrencies will be regulated by another law. Anatoly Aksakov, head of the State Duma Committee on the Financial Market, promised in July that he would be admitted in the fall session.