The deputies will abandon the concept of «cryptocurrency»

June 14

​​​​​​​Russian parliamentarians want to regulate cryptocurrencies without calling them cryptocurrencies.

The deputies of the State Duma of the Russian Federation intend to finalize the bills establishing the legal status of cryptocurrencies, ICO, mining and crowdfunding. Previously the documents had already been approved in the first reading.

«Now they all are being rewritten in accordance with a unified approach. ... The concept of «digital money» and «digital currency» will definitely go out of circulation and they generally will not appear anywhere in the legislation. But in fact digital money will appear as «digital rights», the exchange of which will be allowed. We will remove the term «cryptocurrencies» in general», − the head of the State Duma Financial Market Committee Anatoly Aksakov told the journalists on the sidelines of the roundtable «Digital Financial Assets (CFA) for Banks, Funds and Large Capital: The Position of the Regulator and the Solutions for Investors».

According to Aksakov, the lawmakers will include in the text of the document «On Digital Financial Assets» the provisions on the regulation of investment platforms and crowdfunding. The bill on the amendments to the Civil Code of the Russian Federation will mention «digital rights» and smart contracts.

Aksakov also said that in Russia tokens would not be divided into utility token and security token as is done by the Securities and Exchanges Commission (SEC) in the United States.

«Token is a digital right and how it works is the prerogative of the Central Bank. First, it is obviously to be issued and used as a security for the ICO procedure. As for the use of the token as a means of payment, settlement, exchange, it is the next stage after the testing when the Central Bank will look if this instrument carries a risk as a means of payment and calculation for the financial system», − Aksakov suggested.

The head of the Duma committee notes that at the moment the issue of making amendments to the Tax Code of the Russian Federation is being actively discussed. According to the idea, digital assets should be considered not as a property but as a new kind of property digital rights. He also added that amendments to the bills were likely to be introduced after their adoption.

According to Aksakov, the changes in definitions will primarily affect investors and investment platforms.

The bills «On Digital Financial Assets», «On attracting investments using investment platforms» and «On digital rights» were unanimously supported by Russian deputies on the first reading on May 22.

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