Russia today finally passed a major bill related to cryptomonies as Bitcoin (BTC).
The State Duma, Russia’s legislative body, passed the bill entitled „On Digital Financial Assets“ (DFA) in its third final reading, the local news agency Regnum reported on July 22.
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After initiating the bill in 2018, Russian authorities finally agreed to provide a legal status for cryptomonies, thus preparing to adopt the first part of this important legislation for the industry.
Following the latest Duma decision, the draft law „On digital financial assets“, or DFA, is expected to be officially adopted in Russia as of January 1, 2021. The bill provides a legal definition of digital assets and legitimizes the trade in cryptosystems in Russia. However, the bill prohibits the use of crypto currencies such as Ethereum Code as a method of payment.
The regulation as such will be established in a separate bill
While the DFA bill provides the basis for Russia’s cryptomoney legislation, regulation of the industry will primarily be part of a separate bill. The latest report confirms the fact that the actual regulatory framework for cryptomonies will be set out in the draft law „On Digital Currencies“, or DA. As reported, the Duma expects to approve the DA bill during the autumn session, which ends in late December.
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Some industry players are confident that this latest DFA bill should not be treated as the real green light for cryptomonies. According to reports, Maria Stankevich, head of business development at the crypto currency exchange, EXMO, said the DFA bill should be considered a „glossary“ for the cryptoactive system, while the DA bill is still being discussed by several Russian authorities and eventually „may come as a surprise.
The new legislation will allow Russians to issue stablecoins
Anatoly Aksakov, a member of the State Duma and one of the most important figures behind the legislation on crypto-currencies in Russia, said the new law will allow local companies to issue stablecoins, a „stable“ type of crypto-currency that is often linked to fiduciary currencies such as the USD.
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According to the official, Russians will be able to launch such currencies and exchange them for other assets, including digital assets that are issued abroad.
The Bank of Russia will act as the main regulator of the industry.
As part of the new legislation, Russia’s central bank, the Bank of Russia, will be officially authorized to supervise activity involving the issuance of digital coins within the country. In addition, according to news reports, the bank may impose additional requirements on issuers of crypto-currencies as well as on crypto-currency exchanges. Russia’s central bank will also be responsible for providing a framework on what types of digital currencies can be purchased by qualified and unqualified investors.