Russian Business Group Presents Alternative Draft on Digital Assets

An alternative draft law entitled “On Digital Financial Assets” was presented by the Russian Union of Industrialists and Entrepreneurs (RSPP) to give cryptos a special attention and assign the regulation to Russia’s Central Bank.  In a news by Forklog on September 14, Elina Sidorenko, deputy chairman of the lobby group reported that on the new draft, digital assets are to be divided into three classes which will be: tokens, cryptocurrencies, and digital “signs”

Among the working group who developed the alternative draft are high-ranking managers of Russia’s largest businesses. The group is lead by Vladimir “Norilsk Nickel” Potanin, president of a mining company in Russia. Also part of this group is Rostelecom head Mikhail Oseevsky and Viktor Vekselberg, Skolkovo fund president. This council of experts working on the draft consists of representatives coming from various ministries and departments, and the Russian Federation’s  State Duma.

The working group is also preparing for a few amendments to the draft “On Crowdfunding”.  According to Sidorenko: “Big business is interested in creating a quality platform for attracting investments. We have defined the mechanisms that will in the future allow signatories of smart contracts to protect their interests. The concept of legal protection of participants in the digital market will be announced at the end of September, ” Elina Sidorenko said.

On the initial draft “On Digital Financial Assets” which was accepted in the first reading in May this year, cryptocurrencies and digital tokens are defined as property which drew a flak among industry personalities.