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RSPP Working on a New Alternative Bill to State Law “On Digital Financial Assets”

RSPP Working on a New Alternative Bill to State Law “On Digital Financial Assets”

A lobby group of the Rusian Union of Industrialists and Entrepreneurs is working on a new regulation bill for cryptocurrency. It’s an alternative bill which will rid the contradictions in the state draft law on digital financial assets. This was reported by Forklog.

The bill will be created by a group of Russian managers such as Vladimir Potanin, Viktor Vekselberg, and a few other high-ranking officials. These people are some of the most wealthy businessmen in the country as stated by Forbes. The expert council for the lobby group is formed by reps from various ministries departments and the Russian State Duma.

According to the VP of Elina Sidorenko, the bill will divide digital assets into multiple groups, which will be equivalent to securities, cryptocurrencies, and digital signs:

“Cryptocurrencies will have a special status, which has never appeared in Russian legislation before, and will be regulated on the basis of laws and regulations that will be issued by the Russian Central Bank. The Central Bank will issue licenses for exchange operations. In this regard, the status of crypto owners will be notably facilitated in comparison to securities owners.”

Tokens will also fall under the law on securities while digital sign issues won’t need to apply for licenses from the central bank. She hopes to eliminate any contradictions in the state bill and the document will rely on the actual legal framework in Russia and other experiences from other countries.

The bill will be approved by the RSPP and discusses with Russian officials later in October. The digital financial assets bill was accepted by the State Duma a few months ago and defined cryptos and tokens as property, but drew criticism from many different public figures in the industry as a whole. The new bill is supposed to fix some of these issues that were drafted in the first place.

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