The head of the Duma Committee on financial market Anatoly Aksakov June 13 on the sidelines of the round table “Digital of financial assets for banks, funds and big capital: the position of the regulator, and solutions to investors,” told journalists about the changes that will be made in relation to cryptocurrency trade bills.
Now for consideration in the Duma is preparing three bills: “On digital of financial assets” (CFA), “crowdfunding” (in terms of issue and circulation of token) as well as a package of amendments to the Civil code of the Russian Federation.
As reported by Aksakov, of the bills will be taken of the concept of “digital money” and “digital currency”:
The concept of “digital money” and “digital currency” definitely go out of circulation, they are generally anywhere will not appear in the legislation. […] The term “cryptocurrency” will we ever get rid of it.
According to Aksakov, “in fact, digital money will be featured as a digital rights exchange, which will be allowed”. In addition, lawmakers rejected the idea to recognize the digital assets of the estate. They will be assigned the status of digital rights. Aksakov said that it will be necessary to amend the existing tax legislation:
We need something to change in the Tax code, to describe how digital rights will be taken into account for tax purposes. That is, digital assets will not be counted as property, but as a new kind of digital property rights.
Aksakov also said that the tokens are not will be divided into utility token (the service token) and security token (licenzirovanie securities), as does the American Commission on securities and exchange. He explained:
Token digital right, and how it then works is the prerogative of the Central Bank. He, obviously, for the procedure of ICO will be produced, to be used as security. […] Regarding the use of a token as a means of payment, calculation of exchange — this is the next phase after testing, when the Central Bank will see whether the risk of this tool as a means of payment, calculating for the financial system.
Finally, as said Aksakov, the concept of “exchange operator tokens” and “investment platform” can be combined. According to him, there are two approaches. On the one hand, the situation is similar to the situation in the field of Fiat money:
…Have a currency exchange is exchange. Exchange for the investment, and valueamerica — for exchange. But when you start to delve into, it turns out that in all cases these investments. That is no different to the investment platform.
“But there is another approach — what should be the exchange operators, that they must leave. I think in three days it will be clear”, — said Aksakov.
Earlier Aksakov has expressed confidence that a bill to regulate the cryptocurrency market will be adopted before the end of the spring session of the state Duma (July 29).