Digital of financial assets: the bill passed its second reading

Digital of financial assets (CFA) will be able to produce any legal entity (commercial and non-commercial organizations) and individual entrepreneurs, regardless of residency, and buy everyone. Such rules are contained in the draft law “On financial digital assets, the digital currency and on amendments to certain legislative acts of the Russian Federation” which the State Duma adopted today in the second reading.

The bill stipulates that the Bank of Russia has the right to determine the characteristics of a CFA, which can acquire the unqualified investors and limit their investment in such assets.

All transactions with CFA should be made only through exchange operators digital of financial assets. They can be banks and stock exchanges, as well as other legal persons if they meet certain criteria.

The bill also introduces a definition of digital currency that can not be the means of calculation. However, owning the digital currency, the receipt and transmission of lawful means is allowed only if its Declaration.

The bill will allow traditional financial instruments into digital form and expand alternative ways to attract investments, to protect investors and citizens from financial pyramids and other fraudulent schemes, and will promote the development of innovative technologies.

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