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Over the recent months, the legislators in Russia are working on measures to make crypto fully institutionalized and make it a properly taxable investment asset and a potential tool for foreign trade in Russia.
They have now clarified that the upcoming regulatory will not have any windows to embrace digital financial products as a payment method.
The head of the Financial Markets Committee of the State Duma, Russian parliament’s lower chamber, Anatoly Aksakov on Tuesday introduced a bill that would stop the DFA (Digital Financial Actives) use for paying for any kind of services or goods.
According to the cover note:
“The official monetary unit (currency) of the Russian Federation is the Ruble. The above-mentioned article mentions against bringing other monetary surrogates or monetary units on the Russian Federation territory.”
The bill points to the legislation, which already exists, and doesn’t exactly forbid the use of DFAs as a payment method. However, de facto that such operations are illegal in the country. The latest document will make the ban official, making it mandatory for DFA exchange managers to withhold any deals “implicating the crypto usage as a monetary surrogate.”
Moreover, the bill also bought the concept of an “electronic platform.” Roughly explained, “electronic platform” is a financial platform, investment platform or information system that issues digital financial assets. Electronic platforms will now come under the subject of the national payments system and it would be mandatory for them to submit to the central bank’s registry. Major operations with DFAs such as circulation, exchange emission, and trade will receive their own registry.
In the year 2021, the current law on Digital Financial Actives was implemented. The tax amendments on DFAs get through the first reading in the State Duma in May 2022.
In other news, two other significant bills will be on their journey through the legislative process: a bill on “On Mining in the Russian Federation” will devise the guidelines for miners while an “On Digital Currency” would draft the regulatory framework for crypto in general.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
