No ‘Significant’ Changes to Russian Crypto Bill Draft According to Deputy Prime Minister


The deputy Prime Minister of Russia, Maxim Akimov has recently announced that the authors of the bill named “On Digital Financial Assets” are not seeking to make any significant changes in the draft.

In May, the State Duma performed the first reading of three draft laws: “On digital financial assets”, “On crowdfunding” and “On digital rights” included in the National Program of Digital Economy.

They were devised to regulate the circulation of cryptocurrencies. The bills in this form caused dissatisfaction with the Russian Union of Industrialists and Entrepreneurs, whose coordination board for digitalization is headed by the President of Norilsk Nickel and Interros owner Vladimir Potanin.

The object of regulation itself – tokens, as a derivative of the obligation to produce a product or service – also needs to be clarified. According to V.Potanin's concept, digital assets should be divided into three types: issuing tokens close to uncertificated securities, digital signs (rights to purchase goods and services) and cryptocurrency. The regulation of each group should be different.

“On Digital Financial Assets,” shows that the intention of the Russian State Duma is going to allow the creation and sale of “digital financial assets” (DFA) by the owners of private companies. The DFAs will then be used as a form of digitized equity, and the data will be verified entirely by the Russian Central bank. It will subsequently be stored for the companies on the blockchain to preserve it.

“We are not planning any significant deviations from the previously announced concept. We are having a big conversation with any interested parties, we are in a dialogue and discuss it at various venues, but once again I want to say – as long as we need to solve the minimal tasks. Life has shown that such a cautious approach is very correct. But rendered that in immature technology, there are no guarantees,” said the vice premier.

Earlier this month BitcoinExchangeGuide had reported that Pavel Krasheninnikov, the head of the council and chairman of a State Duma committee said that there’s a lot of amendments that need to be made. In fact, the edits needed are so extensive that it has been pushed back to the initial reading stage. Based on the wording provided, lawyers added that the regulations would directly conflict with the requirements imposed on Russian corporations.

These comments by Akimov shows the conflict in opinions within the legislators around the bill.

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