Russia introduces invoice to ban funds with digital monetary property. – Entmetrics

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Vladimir Putin, the Russian President, has signed a invoice banning funds with digital monetary property. Underneath the brand new legislation, change operators should refuse to course of transactions that facilitate the usage of digital monetary property.

The invoice imposes direct restrictions on the usage of digital monetary property (DFAs) as a method of fee in Russia. It prohibits the switch or acceptance of DFAs in consideration for items transferred, work carried out, providers rendered, and different technique of assuming fee for items by a DFA. Moreover, it forces DFA change operators to say no transactions the place it’s doable to make use of cryptocurrencies or the like as a financial substitute.

It must be famous that the ban could be lifted in circumstances offered for by federal legal guidelines. The brand new legislation will enter into drive 10 days after its official publication. Yuri Brisov, the founding father of LFCS Authorized Assist, identified that since 2021, Regulation 259-FZ in Russia has been in drive. It regulates digital and monetary property. He identified that s. 14 of the legislation states that Russian authorized and pure individuals can’t obtain fee for items, works and providers in digital forex. Brisov says that cryptocurrency can be a digital forex. As such, it was inconceivable to make funds in Russia.

Lengthy earlier than Putin signed the brand new legislation, the Central Financial institution repeatedly banned it. Transactions with cryptocurrency have by no means obtained authorized safety in Russia. However the lawyer pointed to different types of digital property, resembling NFTs, safety tokens, and utility tokens. Brisov revealed that FZ solely prohibits fee with fee tokens and omits others. Lawmakers concluded that the present ban was not ample and wanted to be clarified.

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