March 29, 2024

The State Duma of the Russian Federation will allow crypto-exchanges transactions with foreign tokens

The State Duma of the Russian Federation will allow crypto-exchanges transactions with foreign tokens

The State Duma is considering the possibility of allowing transactions withforeign digital financial assets. Such an amendment is contained in the October version of the draft law “On Digital Financial Assets”, which is being prepared for a second reading in May 2018, RBC reports, citing two sources familiar with the discussion of the draft.

The bill regulates the issue, recording and circulationdigital financial assets (DFAs), which in the latest version are understood as digital analogues of promissory notes, bonds and equity rights, that is, tokens. However, the definition of a token itself is missing in the bill. Previously, legislators planned to recognize as DFA any rights registered through the blockchain, for example, to property or real estate, but now this interpretation has been abandoned.

Issue of tokens in the framework of the Russianlegislation will be able to individual entrepreneurs and legal entities, including foreign companies. There are other requirements for the operators of such information systems: they can only be legal entities working under Russian law and included in a special register maintained by the Central Bank. In particular, banks and depositories may be operators, provided that they are included in the register.

The bill defines another type of participantscryptocurrency market — DFA exchange operator, that is, a cryptocurrency exchange. The document allows such operators to conduct “purchase and sale transactions of digital financial assets, including transactions with digital financial assets issued in information systems based on a distributed registry, organized on the basis of foreign law.”

In the previous version of the bill, the possibility of transactions in Russia with foreign crypto assets was not mentioned.

This version of the bill is being approved and the State Duma expects to adopt the law before the end of the year, said Anatoly Aksakov, head of the Duma committee on the financial market.

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