Aksakov outlines further regulation of Russia’s crypto industry

Regulation of ‘digital instruments’ will entail liability for failure to fulfil obligations, said Anatoly Aksakov, head of the State Duma committee on the financial market.

According to RBC, he stressed that questions of the organisation of the issuance and circulation of cryptocurrencies will be laid out in a separate bill or regulated by amendments to the law on digital assets (‘On DFA’).

“DFA can be issued from January 1, 2021, and utilitarian digital rights are already available today. Given that the issuance of digital rights constitutes entrepreneurial activity, citizens will not be allowed to issue digital rights (only invest in them),” the official said.

The law ‘On DFA’ was adopted in late July. It regulates the handling of digital assets and also touches on the specifics of cryptocurrency circulation.

Earlier Aksakov said that the Russian authorities do not consider legalising cryptocurrencies as a payment alternative to the ruble, as this would undermine the Russian financial system.

Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news and polls.