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Regulation of cryptocurrencies in Russia ...

Cryptocurrency regulation in Russia may change dramatically in the fall – opinion
CONTENT

  • The current draft law on CFA has not eased the position of virtual assets in the domestic market in any way, experts say

  • In the fall, the State Duma may outline responsibility for the use of cryptocurrencies

  • So far, the bill is aimed exclusively at large companies capable of releasing their digital asset.

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The approved bill does not yet affect the position of the cryptocurrency industry in Russia, but rather outlines the boundaries of use

The draft law “On Digital Financial Assets” (DFA), approved by the State Duma in the third reading, does not in any way clarify the regulation of digital assets in the Russian legal plane, but only introduces the industry into the same framework in which the dollar is now..

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Regulation of cryptocurrencies in Russia ...

In an interview with IKS-Media, Internet Ombudsman Dmitry Marinichev said that the current draft law, which does not contain responsibility for violations of the use of cryptocurrencies, does not completely ban cryptocurrencies, but only introduces a ban on their use as payment.

“But now the dollar is also prohibited in the same capacity,” Marinichev stressed..

Earlier, the Ombudsman has already stated that the bill approved by the State Duma does not introduce any technological breakthrough.

“The law simply states that it has long existed and so,” Marinichev said earlier.

Retroactive liability

The lack of a clear position on the market in the approved law is more a minus than a plus.

At least this opinion is shared by Elina Sidorenko, head of the interdepartmental working group on assessing the risks of cryptocurrency turnover of the State Duma..

She notes that the adoption of only the law, and not the entire package signals “ongoing disputes”.

“The positive moment is that today the state has not decided to unconditionally prohibit cryptocurrencies with the establishment of administrative and criminal liability, the negative one is that we do not know what decisions will be made in the fall,” Sidorenko said..

The current version of the bill vaguely defines the CFA, does not clarify their difference from accounting units, and there is also no definition for the main difference between CFA and cryptocurrency, the head of the interdepartmental working group said..

In the interests of monopolists

Sidorenko shares the position of Marinichev, who previously stated that the law is focused only on a narrow circle of large companies capable of issuing their own stablecoins.

Regulation of cryptocurrencies in Russia ...

“Mining is allowed. But within the framework of this law, mining refers to the release of digital financial assets, and this can only be done by special organizations that have received permits from the Central Bank of the Russian Federation. And this is very difficult, in my opinion, three to five companies in Russia will be able to meet such requirements, “Sidorenko said..

At the same time, Sidorenko stressed that the mining of cryptocurrencies is “not prohibited and not allowed”.

“The situation can change dramatically already in the autumn session of the State Duma,” she added.

Anatoly Aksakov, head of the Chamber’s Financial Market Committee, spoke about an additional bill, which will spell out administrative and criminal liability..

Then Aksakov said that the absence of regulatory norms in the draft law on CFA is due to the fact that the government is looking at the issue of legalizing or banning such assets from “diametrically opposed positions”.

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