The CFA law does not provide for the regulation of crypto exchanges without tokens

An analytical study by the Moscow Digital School revealed a number of gaps in the new law on CFA.

Business school experts note that one of theThe main problems are the use of terms not widespread in international practice, but of their own, which introduce new legal institutions and thereby create uncertainty in law enforcement. The text of the law also does not spell out the regulation of certain types of tokens and cryptocurrencies with various functions, and there is also no definition of mining.

In addition, there is a contradictionin the recognition of digital currency as a means of payment. The initial definition in the Federal Law itself recognizes it as such a means, but further Art. 14 already prohibits legal entities and individuals from accepting digital currency as a counter-provision for transferred goods, services or payments in any other way. This significantly limits the use of cryptocurrency in Russia, and also reduces the economic feasibility of owning it.

The study authors also found a gapunder the conditions of regulation of crypto exchanges. According to the new law, digital financial asset exchange operators only include platforms that trade tokens (digital rights and digital assets), therefore, exchanges dealing with cryptocurrencies such as Bitcoin and Ethereum do not fall under the definition of such an entity and remain unregulated. Although the CFA Law directly allows for the possibility of organizing a platform for exchanging cryptocurrencies on the territory of Russia.

At the same time, a study of the CEX.IO exchange showed that in the first half of 2020, Russian crypto deposits grew 5 times.

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