On May 16, the State Duma Committee on constitutional legislation and state development of the RF supported and recommended to adopt in the first reading the law project for regulating the digital economics. The media agency ТАSS reports the information.
The project was introduced to the State Duma of Russia in March.
The project’s authors are the deputies ViacheslavVolodin, Pavel Krasheninnikov, and AnatoliiAksakov. The amendments to the RF Civil Code concern the basic notions that will allow regulating the market of the new objects of economic relations. They will provide the legal conditions for creating and carrying out the agreements in the digital environment, i.e., smart contracts, as well as protecting the citizens and enterprises due to such agreements.
The project suggests introducing the notion of “digital money,” or “cryptocurrency,” and fix the main rule that they are not a legal means of payment.
In perspective, digital money can be used as a means of payment, but only in the circumstances and under the conditions defined by the legislation,mentioned one of the authors.
Also, one of the fundamental legal notions, described in the document, is the “digital right.” By its legal essence, it resembles securities and assures the rights on the objects of civil rights, in particular, other property. Pavel Krasheninnikov, the head of the Committee, explains that the law project suggests adjusting the notion of “digital right”:
Under the digital right, we offer to understand the complexity of digital data (digital code, denotations). This complex ensures the rights for such objects of civil rights as items, other property, work results, provision of services, and exclusive rights. The circulation of digital rights is provided only through the recording to the informational system. Under the definition of digital right also falls the notion “token.”
The law will settle the basic norms for the regulation of digital rights and digital money, the creation and carriage of agreements with them, and also some other issues. It is predicted that the today’s risks will be eliminated: withdrawal of the digital assets to the unregulated digital environment for the legalization of illegal incomes, or withdrawal of assets with the aim to avoid charging in case of bankruptcy, or for the terrorism financing. Besides, the project provides the possibilities for the judicial protection of the citizens’ and entities’ rights.
Several days ago, the deputies adopted the changes to the law project “On digital financial assets” for the second reading. They concern crypto investors, in particular, there was an offer to create the database of cryptocurrency buyers.