The draft laws “On digital of financial assets”, “crowdfunding” and “On amendments to the RF civil code” regulating the cryptocurrency market in Russia will be rewritten in accordance with the unified approach. In particular, they will disappear the concept of “digital money” and “digital currency”. This was announced by the head of the Duma Committee on financial market Anatoly Aksakov, RIA Novosti reported.
In addition, the lawmakers plan to remove from the documents the term “cryptocurrency”.
“In fact, digital money will be listed as “digital rights”, which exchange will be allowed”, — said Aksakov.
The most General definition of “digital rights” will be given in the draft law “On digital of financial assets”, there is proposed to include regulation of investment platforms and crowdfunding. In turn, the draft law “On amendments to the RF civil code” gives the definition of smart contracts.
Changes in terminology and definitions may also apply to investors and investment platforms, said Aksakov. Thus, the currently discussed definitions of skilled, unskilled and professional investors.
“The Central Bank will make the decision whom and with what funds allow for the purchase token”, — he said.
In addition, new versions of bills may be combined in the concept of “operator token exchange” and “investment platform”.
“It should work, as with Fiat currency: Yes currency exchange is exchange. First to exchange and the stock exchanges for investment. But if we look, it turns out that in all cases this is tantamount to investing. In this case, the exchangers are no different from the investment platforms”, — said Anatoly Aksakov.
However, the bills have not yet planned to introduce the division of tokens for utility and security on the example of the Commission on securities and exchange the United States.
“Token digital right, and how it then works is the prerogative of the Central Bank. Obviously, for the procedure of ICO it will be used as security. With regard to the use of the token as means of payment and exchange – Central Bank of the Russian Federation shall determine, whether such a tool risks to the financial system”, — said Aksakov.
In addition, lawmakers will discuss amendments to the Tax code of the Russian Federation. According to the MP, the digital assets most likely will not be counted as property, but as a new kind of digital property rights.
It is noted that all of these amendments will be made after the adoption of a package of three bills.
We will remind, in may, analysts have examined in detail the shortcomings of all three bills on the regulation of the cryptocurrency market.