State Duma deputies approved the law "on digital financial assets" ("on CFA") in the third reading. It will come into force on January 1, 2020
What are the consequences of the adopted law for the Russian crypto industry?
One of the main points of the adopted law for the cryptocurrency community is the actual ban on payment for goods, services and works with cryptocurrencies, said Mikhail Uspensky, partner of The taxology law company. The document does not contain a ban on the possession of digital currencies.
"A compromise solution was found: in the spring, it was proposed to strictly prohibit the turnover of cryptocurrencies in Russia. The adopted law imposes a direct ban only on accepting crypts as payment for goods, works and services. In other words, you will not be able to pay for a dogecoin haircut in a Barber shop," Ouspensky said.
According to the document, a digital asset is a right of monetary claim or a tool for exercising rights under securities, said independent expert Mansur Huseynov:
"Digital currency is not a right of claim to any person, it exists by itself and can be a means of exchange (payment), if the contractors agree to it. In my opinion, this is a reasonable division. For example, bitcoin [in this context] will be a digital currency, but the usdt stablecoin will be a digital asset."
The law does not apply to foreign blockchains and tokens based on them, the expert added.
Mikhail Uspensky also stressed that stablecoins do not fall under the definition of a digital currency contained in the law "ON the Central BANK".
"In terms of determining the digital currency, two main criteria are proposed: it is not a foreign currency and does not create obligations of the Issuer to the holders. This is similar to the current definition of settlement cryptocurrencies in a number of jurisdictions. At the same time, the status of cryptocurrencies that have an obligated person (the most striking example is USDT) remains unsettled," added Tokenomica founder Artem Tolkachev.
In addition to prohibiting payment with cryptocurrencies for goods and services, the law prohibits the dissemination of information about this.
"We are talking about banning advertising and any dissemination of information that the crypt can be accepted as payment," — said the founder of the Telegram channel "All about blockchain and the digital economy in Russia and the world" Ani Aslanyan.
Some participants consider the definition of regulatory norms for digital assets to be a"positive step".
"The adoption of the law on digital assets is, of course, the first step towards removing the sphere of cryptocurrencies from the gray zone," said Alexey Markov, a leading trader at United traders.
A similar opinion was expressed by the managing partner of the law firm Rafikov & Partners Rustam Rafikov:
"The law is aimed at bringing the owners of cryptocurrencies and exchanges out of the shadows, so they have a choice — legalization and payment of taxes or violation of the law."
The adopted law will not contribute to the development of the crypto industry in the Russian Federation, says Mansur Huseynov:
"The law, in my opinion, will not advance the development of this sector of the economy one step. Although it is better to accept something than to avoid the issue altogether."
The law also does not reflect the position of the crypto business and the community, said managing partner of GMT Legal Andrey Tugarin:
"Our position on this issue remains unchanged. The state often prohibits and restricts what it does not fully understand. So here, for several years, the law-making machine has not come to a consensus with the industry and is following its own line."
Right now, the law will not have a significant impact on the domestic crypto industry, Mikhail Uspensky believes:
"However, the adopted law will inevitably be followed by amendments to the Tax code regarding the Declaration of cryptocurrencies, as well as innovations in criminal and administrative legislation providing for liability for illegal turnover of cryptocurrencies."
