Russian crypto bill signed into law. Russian President Vladimir Putin signed a bill governing digital financial asset (DFA) transactions into law Friday, Russian media RIA Novosti reported. It was approved on 22 July by the State Duma, the Russian parliament’s lower chamber, and on 24 July by the Federation Council. The legislation takes effect on January 1, 2021.
The law gives a definition to digital currency, stating that it “is recognized as an aggregate of electronic data capable of being accepted as the payment means, not being the monetary unit of the Russian Federation or a foreign state, and as investments,” Russian news agency TASS described. “The digital currency cannot be used at the same time to pay for any goods and services.”
Meanwhile, the law sets forth that digital financial assets “are digital rights comprising money claims, ability to exercise rights under negotiable securities, rights to participate in equity of a non-public stock company and right to claim transfer of negotiable securities set in a resolution on the DFA issue,” TASS noted. These assets can be sold, purchased, exchanged, and pledged. However, they cannot be used as a means of payment.
Russian banks and exchanges can become exchange operators of digital financial assets provided that they register with the central bank, the Bank of Russia.
The publication elaborated “The central bank is vested with the authority to maintain the register of information systems and the register of operators of digital financial assets exchange and supervise the business of information system operators.”