The law on the legalization of cryptocurrency in Russia was adopted in the second reading

Based on the results of the second reading, on July 21, deputies of the State Duma nevertheless adopted the draft law on legalizationcryptocurrency industry.

The document says that from January 2021, Russians will be able to legally carry out transactions with cryptocurrencies. The third and final reading of the bill should take place today, July 22.

According to preliminary data, the governmentconsiders the version of the bill, which was corrected after criticism from specialized specialists and the Ministry of Economic Development of the Russian Federation, in particular, criminal and administrative liability for operations with cryptocurrency was removed, but certain aspects of pressure remained in it.

Cryptocurrency bill in Russia

The document says that digital assetsthere must be digital rights to real funds or their analogues. It will be possible to buy coins only in special credit institutions. In addition, in Russia, only those cryptocurrencies that are issued within the framework of domestic legislation will be in the public domain. If the law is passed, the turnover of all other assets will become illegal and prosecuted, and not only sellers but also buyers will be punished.

Sale and release of assets authorized inRussia, will be produced only within the framework of special information systems. So far, this definition has not been officially announced, but, perhaps, we are talking about the so-called "sovereign" Internet. " Also, the coins will be included in the register of the Central Bank. All operators involved in transactions with cryptocurrencies of any type must be registered in it.

The draft law also spelled out the definition of digitalcurrencies, but their regulation will be carried out according to another document. Anatoly Aksakov, head of the State Duma's Finance Committee, noted that the corresponding law will be approved and ready for public discussion closer to the beginning of autumn.

At the same time, the document "On CFA" describesexclusively methods of cryptocurrency turnover. It says that residents of the Russian Federation are prohibited from using digital assets as settlement instruments for goods or services, as well as accepting payment in them. The distribution of various advertising materials about the sale of digital assets is also not allowed. If the document is adopted, then it will come into effect from the beginning of next year.

In the first reading, the digital assets law wasapproved back in May 2018. After that, the Central Bank, the Ministry of Finance and other relevant departments repeatedly made their own changes and supplemented the document with wishes, which is why its further consideration was delayed for about two years. Elvira Nabiullina, who is the head of the Central Bank, opposed the legalization of cryptocurrencies in Russia, explaining her words by increased risks and a lack of control tools. According to her, the coins must be examined, after which they can be put into circulation under full supervision.

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