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State Duma will consider the new revision of the draft law “On digital financial assets” in January/February 2019

Head of the State Duma’s Committee for Financial Market Anatoly Aksakov revealed that the Russian parliament will consider a set of draft laws on the digital economy, including the draft law “On digital financial assets”, in January or February 2019. Late last year, Russian legislators lit out the back and brought the initiative back to the drafting stage.

January or February 2019 will see the State Duma considering the draft law “On digital financial assets” in the second reading, as revealed by the Committee’s chairman Anatoly Aksakov to TASS news agency.

“The long-awaited bill on digital financial assets is now being finalized in GDP <…> It goes in a tie-up with two others: the law on investment platform regulation, or crowdfunding, and the amendments to the Civil Code. We agreed that the law on digital financial assets should be adopted together with these two legal acts <…> According to available information, it will all take place in January-February, certainly, much more likely in February,” – he stated.

According to the official, next month is also likely to see the adoption of the law on banking and insurance services marketplaces.

“The next law among the digital ones is the draft law regulating electronic platforms colloquially known as marketplaces. I introduced this draft law to the State duma in December. We are planning to adopt this law by February 15, in order to launch a pilot project which is currently being prepared by about 20 credit organizations and the Moscow Exchange,” – he specified.

While speaking at the opening of the spring parliamentary session, chairman of the Russian State Duma Vyacheslav Volodin mentioned the elaboration of regulatory framework for the development of digital economy as one of priorities for this year.

Late in November 2018, the adoption of the draft law “On digital financial assets” was suddenly brought back to the first reading stage due to certain discrepancies with current corporate and financial laws.