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The Russian Parliament will revise the controversial draft law “On digital of financial assets”

Prepared by the Finance Committee of the state Duma for the second reading the draft law “On digital of financial assets”, which eliminated the concept of mining and the treatment of existing cryptocurrencies, can be returned to the stage of first reading and substantially changed. This was stated by the head of the presidential Council for codification and enhancement of civil legislation, the Chairman of the Duma Committee on state construction Pavel Krasheninnikov.

But as it turns out, the bill on the cryptocurrency will return for revision not for the fact that he’s almost not the topic of cryptocurrency, and due to the fact that the draft law conflicts with corporate legislation and the regulation of the turnover of the “classical” financial assets — shares and LLC shares.

Lawyers do not like the definition of “digital right” since “we are not talking about new rights, and new, electronic form of their fixation”. The ratio of “digital rights” with the “digital of financial assets” also called the Council issues: the project States that “digital assets” is a set of digital rights. Experts believe a better indication that “the rights of book-entry securities and any shares in the share capital of the company can ensure electronic data (“digital rights”)”, and the totality of these rights is assigned to one person, already referred to as a “digital asset”.

Besides the concern of lawyers called the idea of issuing “digital of financial assets” all legal entities. In their view, the ability of OOO to pay its Charter capital in installments combined with the ability to issue digital of financial assets and rights will trigger the appearance of “numerous one-day firms, and committing various abuses”


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