By July 30, the State Duma will submit a bill on amending the Code of Administrative Offenses, which establishes liability for violations of work with digital assets and digital currency .
Now the draft federal law is under discussion in the ANO Digital Economy. Dmitry Galushko, member of the working group of the Digital Economy Autonomous Non-Profit Organization, told the media:
“We were given a draft law for discussion. This document is specifically made to prevent the proliferation of illegal cryptocurrency. The document states that the law enters into force on October 1, 2019.
According to the draft law, “the exchange of digital rights that are not legally required or do not meet the characteristics of their content is punishable by a fine from 50 to 500 thousand rubles for citizens, from 100 thousand to 1 million rubles. for officials and from 200 thousand to 2 million rubles. for legal entities".
If persons who are not included in the register of information system operators release a digital financial asset, they face a fine: from 50 to 500 thousand rubles for citizens, from 100 thousand to 1 million rubles. for officials and from 200 thousand to 2 million rubles. for legal entities. The same penalty is provided for transactions with a cryptocurrency by persons not included in the register of digital financial asset exchange operators. Such registries will be maintained by the Bank of Russia in accordance with the forthcoming federal law “On digital financial assets”.
The draft law also states that for accepting digital financial assets as a counter-provision for goods (services) by legal entities or individual entrepreneurs (individual entrepreneurs) who trade in violation of the procedure for concluding transactions with digital financial assets provided for by the Law On Digital Financial Assets , a fine is imposed in the amount of 200 thousand to 1 million rubles. on officials and from 400 thousand to 2 million – on legal.
The draft law provides for liability for failure to comply with the law “On digital financial assets”, which has been adopted so far only in the first reading. The text of the bill is published on the website sozd.duma.gov.ru.
The document prepared by the State Duma Finance Committee for the second reading was returned to the first reading stage, after which it was adopted again.
“This is already a prototype of the new law, now there will be only technical changes,” Dmitry Galushko said.
As previously reported, the final text of the draft law “On Digital Financial Assets” is ready, it will be presented to the second reading within two weeks, which was reported to journalists by Deputy Finance Minister Alexei Moiseyev this week.
The explanatory note to the bill says:
“The bill introduces definitions of digital financial assets, which include cryptocurrency and token , as well as legally fixes a new type of contract concluded in electronic form – a smart contract, the fulfillment of obligations under which is carried out using digital financial technologies.”
The document also states that owners of digital financial assets are entitled to exchange them for rubles, foreign currency, or other property, but only through the operator of the exchange of digital financial assets.
At the same time, transactions on the exchange of digital financial assets by persons other than qualified investors are carried out only by crediting or debiting digital financial assets from a special account opened by the operator of digital assets owning a digital wallet . The procedure for conducting such transactions is established by the Central Bank of Russia.
Publication date 06/22/2019
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