The Lobby Group of Russia Presents an Alternative Bills on Digital Assets


The Russian Union of Industrialists and Entrepreneurs’ lobby group are currently working on an alternative regulatory bill which is going to eliminate the possible refutation in the law of state draft “On Digital Financial Assets” as reported by Fork log on 14th September, Thursday.

The alternative regulatory bill is going to be developed by a group of highly ranked Russian managers like the billionaire Vladimir Potanin who is also the owner of Nornickel, a palladium and nickel mining and smelting company and the head of the Skolkovo, innovative Russian form Viktor Vekselberg. The two businessmen are listed among the top ten businessmen by Forbes in Russia.

The lobby group’s expert council is formed by the officials of several departments, ministries as well as the Duma, the Russian State.

According to Elina Sidorenko, the new bill will be dividing the digital assets into three respective groups: digital “signs”, cryptocurrencies, and tokens that are equivalent to the securities. She even explained that the cryptocurrencies are going to be treated very; differently, she said: “Cryptocurrencies will have a special status, which has never appeared in Russian legislation before and will be regulated on the basis of laws and regulations that will be issued by the Russian Central Bank. The Central Bank might issue licenses for exchange operations. In this regard, the status of crypto owners will notably be facilitated in comparison to securities owners.”

Sidorenko has stressed on the fact that the tokens are going to fall under the securities law whereas the issuers of the digital sign won’t apply to the central bank’s licenses. Elina Sidorenko didn’t specify what “digital sign” really meant in a legal point of view.

Elina Sidorenko has hopes that the alternative bill is going to help in eradicating the contradictions in the fragmented and unfinished state bill. The RSPP document of Russia is going to rely on the real legal framework which is going to take the experiences of many countries into consideration

As per Fork log reports, the alternative bill ought to be approved by the RSPP first, and then the officials of Russia might discuss the bill in October.

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