Home News Russian Ministry of Finance supports the new definition of digital financial assets

Russian Ministry of Finance supports the new definition of digital financial assets

Russian Deputy Minister of Finance Alexei Mosieev supported the new revision of the draft law “On Digital Financial Assets”. Earlier this week, parliamentarian Anatoly Aksakov, who is the co-author of the draft bill, spoke of the new definition of the term “digital assets”, which now comprises cryptocurrencies and tokens.

Russian Ministry of Finance agreed on the new revision of the draft law “On Digital Financial Assets”, which contains a broader definition of digital assets, as reported by Rambler News Service with reference to Alexei Moiseev’s words.

“The text is mostly harmonized. Moreover, as discussed on the Gaidar Forum, the initial definition was too narrow. Accordingly, Anatoly Gennadyevich [Aksakov] made everybody happy by saying it is not so narrow anymore,” – Moiseev stated.

As reported earlier by Aksakov, in the latest revision of the draft law, the definition of digital financial assets was expanded:

“Contracts and torts, and any other rights, including monetary claims, exercise of rights in accordance with issued securities, exercise of right to claim their transmission which are enshrined in the issuance order under this Federal Law, issuable, accountable and circulated through registries in a distributed ledger-based information system are recognized as digital financial assets.”

Thus, not only securities and monetary claims, but any rights registered on blockchain are now recognized as digital financial assets.

According to experts, cryptocurrencies and tokens will be regarded as digital financial assets, should the draft law be adopted.

The State Duma reportedly plans to consider it in the second reading in January or February 2019.