Putin signs law on digital financial assets (DFA)

Russian President Vladimir Putin signed the law “On Digital Financial Assets (DFA)”, regulating the circulation of cryptocurrencies within the country. It will take effect on January 1, 2021.

The law defines a digital asset (tokens and stablecoins) as a right to monetary claim or an instrument for exercising rights in relation to securities.

A digital currency (for example, Bitcoin) in the context of the document is defined as a set of electronic data that may be accepted as a means of payment, not a monetary unit of the Russian Federation or of a foreign state, and also as an investment.

Cryptocurrencies are recognised as property. The law forbids using them to pay for goods and services within the Russian Federation.

Experts have already warned that this will slow the development of the cryptocurrency industry.

Earlier, the State Duma adopted the DFA law on July 22. On July 24, it was supported by the Federation Council.

Earlier, ForkLog reported that representatives of the cryptocurrency industry intend to discuss consequences of the DFA law for the industry.

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