The State Duma adopted a national law on digital financial assets

Yesterday, members of the State Duma of the Russian Federation in the third and final reading adopted the national law “On digital financial assets.”

The legal act will regulate relations in the field of digital tools. In particular, it deciphers the very definitions of “digital currency”, “mining” and “token”, designates the necessary functions for platforms that issue such tools and appoints the Central Bank as the executing controller of such systems. It is also noted that residents of Russia are prohibited from any operations with cryptocurrency and carry out any advertising activities in this direction in the country. Regulation of digital assets will be carried out in a separate bill, which will be adopted in the fall session.

It is worth noting that the document does not imply criminal and administrative liability for operations with such instruments, as it was reported during the development of the normative act.

We add that the national law “On digital financial assets will come into force on January 1, 2021.