August 4, 2020

The President of the Russian Federation signed a law legalizing cryptocurrency from January 1, 2021

The President of the Russian Federation signed a law legalizing cryptocurrency from January 1, 2021

From January 2021, the cryptocurrency industry will be legalized in Russia. The relevant bill in the end of this week signed by head of state Vladimir Putin.

However, despite the acceptance of Bitcoin and otherscryptocurrencies, it will be prohibited to use them when paying for goods and services. Recall that the Bank of Russia and Rosfinmonitoring are opponents of using cryptocurrency as a payment instrument. They were able to achieve amendments to the draft law on the so-called digital assets.

This document last week in the second andthe third readings were approved by the State Duma deputies. After that, the bill was approved by the Federation Council. It defines a cryptocurrency and spells out the mechanism for its use.

In fact, this asset is viewed as property and store of value. It can be transferred, indicated in declarations, but nothing more.

Russian currency exchange operators will be able to becomebanks and stock exchanges after their inclusion in the special register of the Central Bank. Also, the Central Bank will determine which digital assets can be made available exclusively to qualified investors.

The law defines digital currency. It is a collection of electronic data contained in the information system, which are offered as a means of payment, but are not the monetary unit of the Russian Federation, a foreign state or an international monetary unit. It is prohibited to use them to pay for goods and services on the territory of the Russian Federation.

In the second reading, the document was excludedconcepts such as "token" and "mining". Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, previously explained that their regulation would be determined by another law, which could be adopted in the autumn session.

According to the head of the financial committee of the State DumaAnatoly Aksakov, the authorities managed to agree on the most optimal version of the bill. It takes into account the wishes of both the supervisory authorities and the expert community.

A separate bill regulating relations between token holders will be adopted by the State Duma in the fall of 2020.

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