The State Duma Ethereum’s Co-creator adopted the law “On digital financial assets”

State Duma deputies approved in third reading the law “On digital financial assets” (“On Tsf”). He will enter into force on January 1, 2021.

Forklog learned from experts and market participants, what consequences the adopted law has for the Russian crypto industry.

One of the main points for the cryptocurrency community of the adopted law is the actual ban on paying for goods, services and work with cryptocurrencies, said FORKLOG partner of the law firm Taxology Mikhail Uspensky. The document does not contain the ban on digital currencies.

“A compromise was found: in the spring it was proposed to strictly ban the turnover of cryptocurrencies in Russia. The adopted law imposes a direct ban only on receiving crypts as a payment of goods, works and services. That is, it will not work to pay for the hairdresser for the Dogecoin haircut, ”Assumption noted.

According to the document, the digital asset is the right of a monetary claim or a tool for the exercise of securities rights, an independent expert Mansur Huseynov said:

“Digital currency is not the right to require any person, it exists in itself and may be a means of exchange (payment) if the counterparties agree on this. In my opinion, this is a reasonable separation. For example, bitcoin [in this context] will be a digital currency, but Stablecoin USDT – a digital asset “.

The law does not apply to foreign blockchains and tokens based on them, the expert added.

Mikhail Uspensky emphasized that stablecoins do not fall under the definition of digital currency contained in the Law “On Tsfa”.

“In terms of determining the digital currency, two main criteria are proposed: it is not a foreign currency and does not give rise to the issuer’s obligations to holders. This is similar to the determination of calculated cryptocurrencies that has developed in a number of jurisdictions. At the same time, the status of cryptocurrencies with the obligated person (the most striking example – USDT) remains unresolved, ”added Tokenomica founder Artem Tolkachev.

In addition to the prohibition of payment by cryptocurrencies for goods and services, the law prohibits the dissemination of information about this.

“We are talking about the ban on advertising and any dissemination of information that the crypt can be taken as payment,” said the founder of the Telegram channel “All about the blockchain and digital economy in Russia and the world” Ani Aslannyan, said FORKLOG.

Some participants consider the definition of regulatory norms for digital assets with a “positive step”.

“The adoption of the law on digital assets is, of course, the first step to the removal of the scope of cryptocurrencies from the gray zone,” said the host of the United Traders trader Alexey Markov.

A similar opinion was expressed by the managing partner of the law firm Rafikov & Partners Rustam Rafikov:

“The law is aimed at withdrawing cryptocurrency owners and exchangers from the shadows, so they have a choice – legalization and payment of taxes or violation of legislation”.

The adopted law will not contribute to the development of the crypto industry in the Russian Federation, Mansur Huseynov believes:

“The law, in my opinion, will not advance the development of this sector of the economy a step. Although it is better to accept something than to bypass the question at all “.

The law also does not reflect the position of crypto business and communities, said GMT Legal managing partner Andrey Tugarin:

“Our position on this issue remains unchanged. The state often prohibits and limits what does not understand until the end. So here, for several years, the legislative machine did not come to the consensus with the industry and holds its line “.

Right now the law will not have a significant impact on domestic crypto industry, Mikhail Uspensky believes:

“However, amendments to the Tax Code in terms of cryptocurrency declarations will inevitably follow, novels in criminal and administrative legislation that provide for liability for illegal circulation of cryptocurrencies will also be expected.

A detailed review of the Law “On the TsFA” can be read in a separate material for FORKLOG.

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