Cryptocurrency

The State Duma on July 21 will consider the draft law on the CFA without cryptocurrency regulation

Tomorrow, the State Duma is preparing to consider in the second reading a bill on digital financial assets. It will not contain articles on the regulation or prohibition of cryptocurrencies.

Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, said earlier that the draft law on the CFA could be adopted at the spring session of the State Duma. In this case, the consideration of the draft should proceed phenomenally quickly: the spring session of the State Duma ends on August 2, and work on the draft laws ends on July 23, that is, next Thursday. During this time, the bill must go through the second and third readings at once.

The current version of the bill , prepared for the second reading, is significantly “lightened” in comparison with the previous ones. The definition of digital currencies (cryptocurrencies) remains in it, but they will be regulated by a separate law “On digital currency”, which is still under discussion. Also, the draft law lacks the concepts of mining and tokens. 

In fact, the CFA law, if passed, will only apply to regulated blockchain-based information systems. It will enable enterprises and financial institutions to issue digital assets (tokens) and will regulate their circulation. Public decentralized blockchains remain outside the brackets.

The most important thing that should calm the Russian cryptocurrency community is that the consideration of the draft law on the CFA will not include proposals to introduce administrative and criminal liability for operations with cryptocurrencies. These proposals were criticized not only by the community and industry experts, but also by a number of ministries. On the other hand, there are no guarantees that these amendments will not surface again in the process of developing the law “On digital currency”.

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