The Council on codification and improvement of civil legislation at a meeting on Thursday decided on the need to return the draft law “On digital financial assets” to the first reading stage for a change due to numerous shortcomings. This writes “Kommersant”.
According to Evgeny Sukhanov, Deputy Head of the Council, the term “digital rights” used in the document, which replaced the terms “ cryptocurrency ” and “ token ”, was “unsuccessful” because “this is not about new types of rights, but about new, electronic forms of ". He proposes using the term “digital financial asset” to denote the set of “rights from uncertificated securities and a share in the authorized capital of an LLC that can be certified by electronic data” assigned to one person.
In addition, experts do not support the idea of empowering the issuance of "digital financial assets" of all legal entities. They believe that LLCs that have the ability to pay authorized capital by installments and also received the opportunity to issue digital assets will be opened as “numerous one-day firms that already commit various abuses”, whose digital assets will not have the necessary security. The same applies to non-profit organizations.
According to Olga Pleshanova, head of the analytical department of the law firm Infralex, the discussion of the draft law in the council was even tougher than the conclusion of the draft law. The experts concluded that:
"In its current form, the bill will lead to the return of the Russian financial market in the 1990s, up to the creation of financial pyramids on it ," Kommersant specifies.
In connection with the above and some other remarks, the head of the council Pavel Krasheninnikov recommended returning the draft law “On digital financial assets” to the first reading stage.
