The adoption of the Law on Digital Financial Assets is postponed due to coronavirus

According to Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, the adoption of the bill onThe regulation of digital assets is delayed, but the law will be passed in the spring session.

Anatoly Aksakov stated that the adoptionThe bill “On Digital Financial Assets” is postponed, as legislators’ efforts are now aimed at developing measures to combat the coronavirus pandemic. The Chairman of the State Duma Committee on the Financial Market noted that although the bill will not be adopted in April, this will happen before the end of the spring session.

The adoption of the bill was delayed due todisagreements among legislators and regulators regarding whether to allow the use of cryptocurrencies as a means of payment. The final version of the bill will define crypto-assets, the procedure for their issuance and circulation, but their use for payments will be prohibited, as previously reported.

“I consider it [the bill] quite thoughtful, balanced. RSPP supports it, so we can say that it suits the market. And, as you know, the main consumer of this law is the market. ”

In addition, the bill provides for the release andcirculation of digital assets backed by goods. Previously, the request to include this clause in the bill was made by the Russian Union of Industrialists and Entrepreneurs (RSPP). The Chairman of the State Duma Committee on the Financial Market said that mining is not mentioned in the bill and should be regulated separately - primarily from a taxation point of view.

Aksakov explained that the new law willregulations are established regarding the fight against money laundering obtained by criminal means. The new regulation will not interfere with the operation of cryptocurrency exchanges as long as they do not violate it. However, their activities will become regulated with the adoption of the document. In the interview, Aksakov also mentioned the possibility of issuing a crypto ruble on the blockchain:

“I am sure that over time a crypto ruble will appear, the circulation of which will be served by the blockchain. But it will be a currency that will be controlled and regulated by the Central Bank. ”

Adoption of the bill “On digital financialassets" was repeatedly postponed, and its development took more than two years. Last month, Anatoly Aksakov said that the Bank of Russia and legislators managed to resolve differences, and the law “On Digital Financial Assets” could be adopted in March.

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