The state Duma on July 21 will consider a bill on the CFA without regulating cryptocurrencies

Tomorrow, the state Duma is preparing to consider the bill on digital financial assets in the second reading. There will be no articles about regulating or banning cryptocurrencies.

Anatoly Aksakov, Chairman of the state Duma Committee on the financial market, previously said that the draft law on the CFA can be adopted in the spring session of the state Duma. In this case, consideration of the draft should pass phenomenally quickly: the spring session of the state Duma ends on August 2, and work on the draft laws ends on July 23, that is, next Thursday. During this time, the bill must pass the second and third readings at once.

Current version
the draft law prepared for the second reading is significantly “simplified” in comparison with the previous ones. It still defines digital currencies (cryptocurrencies), but they will be regulated by a separate law “on digital currency”, which is still under discussion. The bill also lacks the concepts of mining and tokens.

In fact, the act of the CFA in the case of its adoption will apply only to adjustable information system based on the blockchain. It will give the opportunity to companies and financial institutions to issue the CFA (tokens) and will govern their treatment. Public decentralized blockchains remain “outside the brackets”.

The most important thing that should reassure the Russian cryptocurrency community is that the consideration of the bill on the CFA will not include proposals to introduce administrative and criminal liability for transactions with cryptocurrencies. These proposals were criticized not only by the community and industry experts, but also by a number of ministries. On the other hand, there is no guarantee that these amendments will not come up again during the development of the law “on digital currency”.