While the current version mentions digital currencies, it is not going to send Russian traders to the decentralized gulag.
Digital financial assets equal security tokensAccording to the new law, digital financial assets, or DFAs, represent digital rights, including monetary claims, the possibility of exercising rights under issuable securities, the right to participate in the capital of a nonpublic joint-stock company, and the right to demand the transfer of issuable securities.
Basically, the new Russian law regulates the issuance, turnover and offering of tokenized assets.
Some top coins might have problems in RussiaSo, there is a long, exhausting definition of digital currencies in the law.
"Digital currency is a set of electronic data contained in the information system in respect of which there is no person obligated to each owner of such electronic data."
Utility tokens and asset-backed tokensSo, you can't use digital currencies as a payment method, and there is still no regulation for crypto in the new law.
Russian legislators enacted the so-called "Crowdfunding Law," allowing the issuance of digital utility assets.
Digital utility assets were mentioned in the DFA act as well.
Russian legislators managed to create a clear approach to the regulation of tokenized securities.
All Russian market players will have to wait and see how "Digital currencies" will be regulated in the future and what the Bank of Russia will come up with.
Russia Is Set to Create a New Regime for Tokenized Securities
Published on Aug 8, 2020
by Cointele | Published on Coinage
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