30.07.2024, 16:51
The State Duma has allowed the circulation of foreign digital rights in Russia
Source: OREANDA-NEWS
OREANDA-NEWS The State Duma adopted in the second and third readings a law that allows the circulation of foreign digital rights in Russia.
Initially, the law concerned the regulation of cryptocurrency mining. As part of the second reading, the document was supplemented with norms relating to digital financial assets (CFAs) and foreign digital rights.
According to these norms, foreign digital rights are allowed to be applied in Russia as CFA, including digital rights that simultaneously include digital financial assets and other digital rights. But subject to the qualification of foreign digital rights as such by the operator of the information system in which the CFA is issued.
At the same time, the Bank of Russia is granted the right to establish the specifics of accounting and (or) circulation of such foreign digital rights, including determining requirements for persons who have the right to acquire them. Moreover, such rights will not be able to be acquired by natural persons - citizens of the Russian Federation, unless otherwise provided for by a regulatory act of the Central Bank.
In addition, in order to ensure the stability of the financial market or in the event of a threat to the rights and legitimate interests of investors, the Central Bank will have the right to impose a ban on the qualification of certain foreign digital rights. The Central Bank will also be able to establish additional requirements for foreign digital rights.
In addition, changes are being made regarding foreign nominee holders of CFA, to whom these assets can be credited to take into account the rights to them. Such holders will have to comply with the requirements established by the Bank of Russia, as well as provide information about their customers to the operator of the information system in which the CFA is issued. The CFA credited to a foreign nominee holder cannot be foreclosed on its obligations.
Initially, the law concerned the regulation of cryptocurrency mining. As part of the second reading, the document was supplemented with norms relating to digital financial assets (CFAs) and foreign digital rights.
According to these norms, foreign digital rights are allowed to be applied in Russia as CFA, including digital rights that simultaneously include digital financial assets and other digital rights. But subject to the qualification of foreign digital rights as such by the operator of the information system in which the CFA is issued.
At the same time, the Bank of Russia is granted the right to establish the specifics of accounting and (or) circulation of such foreign digital rights, including determining requirements for persons who have the right to acquire them. Moreover, such rights will not be able to be acquired by natural persons - citizens of the Russian Federation, unless otherwise provided for by a regulatory act of the Central Bank.
In addition, in order to ensure the stability of the financial market or in the event of a threat to the rights and legitimate interests of investors, the Central Bank will have the right to impose a ban on the qualification of certain foreign digital rights. The Central Bank will also be able to establish additional requirements for foreign digital rights.
In addition, changes are being made regarding foreign nominee holders of CFA, to whom these assets can be credited to take into account the rights to them. Such holders will have to comply with the requirements established by the Bank of Russia, as well as provide information about their customers to the operator of the information system in which the CFA is issued. The CFA credited to a foreign nominee holder cannot be foreclosed on its obligations.
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