FSB of Russia has sent to the Supreme legislative body of this country, their comments on the draft law on digital of financial assets (CFA), pointing to “excessive adaptability” and insufficient attention in the document to the topic of laundering money obtained by illegal means, with the help of cryptocurrency. According to the head of the Duma Committee on Finance Anatoly Aksakov, this issue was not resolved in the bill “due to the complexity and discussion of position” on it, however, needs to be closed before the end of the year.

“The position of the FATF, on the basis of information of the Federal financial monitoring service, is such that they welcome the revision of the law, which prepared for the second reading is the first step to resolve this issue, but for 2019 we in the legislation have to register,” – said Aksakov.

According to the MP, the bill will be considered in the second reading the state Duma meeting on March 19. It will not be referred to the concept of “cryptocurrency”, “token”, “digital money” and “smart contract”, and CFA will be recognized as digital rights, including contractual and other rights, including monetary claims, as well as the possibility of exercising rights to securities and rights to require the transfer of equity securities, which are enshrined in the decision on issue digital of financial assets.

According to TASS, according to the document, the right to issue a CFA will receive legal entities or individual entrepreneurs (PI) – in collaboration with the special operator of the information system maintains a user registry. The decision to issue such a CFA must be signed by the strengthened qualification of the signature, and the decision on the issue is posted on the website of the company or the operator should be free to complete fulfillment of the obligations of the entity that issued the asset. The decision to issue a CFA for an indefinite number of persons is considered a public offer, and the Central Bank by its statutory acts to limit for qualified investors the amount of investment in such assets.

However, the document will appear in this technological element of operating digital signs – a set of electronic data received according to the rules of information systems of the CFA and not related to him. The right to determine the cases, the issue and use of operating digital signs will be the Bank of Russia, which will also set the order of these processes.

“This is a compromise solution, in fact it is a means of exchange, which will provide treatment of the blockchain, on the other hand is really a technological tool that will support the implementation of smart contracts,” – said Aksakov.

In addition, the law intended to secure that the operator of the information system, intending to produce a CFA, must be registered in Russia, to be a credit institution, the Depositary or by a person authorised to carry out activities of trade organizer and to meet the requirements of the Central Bank to the management bodies, internal control and information security.

The operator of the information system that records the rights to shares private joint-stock companies, issued in the form of a CFA, must have license thepromember of the securities market for realization of activity on conducting of the register.

Recall that the draft law “On digital of financial assets” was introduced in the state Duma of the Russian Federation in March last year and at the end of may passed the first reading. In November, due to several shortcomings the paper proposed to return to the stage of first reading and to change significantly.