Home News Russian Industrialists Union suggested dividing digital assets into three groups

Russian Industrialists Union suggested dividing digital assets into three groups

The Russian Union of Industrialists and Entrepreneurs (RUIE) suggested dividing digital assets into three groups in a new version of the draft law “On Digital Financial Assets”.

The RUIE has formed a working group on coordination and regulation of the digital economy headed by Russian billionaire and Norlisk Nickel (Nornickel) majority stakeholder Vladimir Potanin.

As noted by the member of the RUIE board Andrei Bugrov at the Eastern Economic Forum, “the working group… has drafted a law on digital assets”:

“The said draft law reflects the interests of all digital market participants, defines the key notions in the said sphere and lays the foundation for further development of digital processes in the country’s economy.”

The Head of the State Duma’s inter-institutional working group on cryptocurrency circulation risk assessment Elina Sidorenko specified, that “unlike the draft laws which are currently considered by the State Duma, this draft law proposes to regard all digital assets not only as financial assets, but also divide them into three groups”:

1. Tokens treated as securities or financial derivatives;
2. Cryptocurrencies subject to a new specialized regulatory standards;
3. Digital signage, non financial digital assets, designed to authenticate civil law agreements.

According to Sidorenko, one of the tasks assigned to the working group is to promote business implementation of the new technologies. Vice-President of the RUIE Dmitry Mytenkov explained that “not everyone in our country is ready to adopt digital technology”.

“We have been carrying out a poll among the companies with RUIE membership (with about 600 companies having responded to the survey)… Almost everybody considers his company a digital one, but only 30% of those polled do, indeed, have some clue of what it is all about,” – Mytenkov noted.