Home News Russian legislators come up with another draft law on cryptocurrency regulation

Russian legislators come up with another draft law on cryptocurrency regulation

The draft law “On the Circulation of Digital Rights in the Financial Sphere and on Amendments to Certain Legislative Acts of the Russian Federation” was considered today at the meeting of the Competence Center for Digital Economy Regulation in Skolkovo, as reported by the Head of the State Duma’s inter-institutional working group on cryptocurrency circulation risk assessment Elina Sidorenko.

According to the official, the new draft law is to harmonize the approach to digital rights regulation established by the previous ICO- and token-related legislative initiatives approved by the “Digital Economy”working group.

“Having examined the document carefully, I can say that it is quite an interesting one. I have some reservations about it and I will certainly voice them tomorrow, but it definitely merits discussion because it really provides answers to a number of complicated civil law issues related to cryptocurrency circulation,” – Elina Sidorenko stated.

In particular, the document regulates digital financial rights and the circulation thereof. Recognized as such are the rights for money and the participatory rights.

According to the document, the issuance, purchase and alienation of financial digital rights are permitted to entities and individuals registered as individual entrepreneurs, including foreign nationals and stateless persons.

“When carrying out activities purposed at the creation, purchase or alienation of financial digital rights, the committer must use a qualified electronic signature as well as open an account for crediting financial digital rights with the investment platform operator,” – the draft law reads.

The issuer’s offer to the acquirers of the digital rights must contain the following details:

— description of a certain type of financial digital rights, including timescale and arrangements for the monetary claims attested to by the digital rights for the entitlement to the money;
— lawful consideration subject to transferring by the acquirer of the financial digital rights to the issuer together with the timetable and procedure applicable;
— deadline beyond which the issuer’s offer becomes null and void.

The requirements for the issuers and acquirers of the financial digital rights are to be set by the Bank of Russia.

Late in March, a draft law aimed at adding the notions of “digital law” and “digital money” to the Civil Code was introduced to the Russian State Duma.