Russia: Entry into force of law on digital financial assets and digital currency
Description
Entry into force of law on digital financial assets and digital currency
On 1 January 2021, the Law on digital financial assets and digital currency enters into force. The President of the Russian Federation signed into law the Act on 31 July 2020, and it will regulate the circulation of digital financial assets and digi…
Scope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Business registration requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
legislature
Government Body
parliament
Complete timeline of this policy change
Hide details
2018-03-20
under deliberation
2020-07-31
adopted
Key regulatory dimensions
Regulated subjects
The businesses, government agencies or individuals affected by this policy or regulatory change.
producer / supplier
1
Type
Private organisation
Economic activity
digital payment provider (incl. cryptocurrencies)
Category
All
Policy change by business practice
The detailed activities within the scope of this policy or regulatory change.
financial asset (any type): monetisation (any form)
Regulatory tool
Regulator approval requirement
Technical standard adherence
Definition of oversight agency jurisdiction
Registration requirement
Sanctions
Suspension of business
Regulated subjects
1
cryptoasset (any type): monetisation (any form)
Regulatory tool
Regulator approval requirement
Technical standard adherence
Definition of oversight agency jurisdiction
Registration requirement
Sanctions
Suspension of business
Regulated subjects
1
algorithm: DLT incl. blockchain: operate
Regulatory tool
Regulator approval requirement
Technical standard adherence
Definition of oversight agency jurisdiction
Registration requirement
Sanctions
Suspension of business
Regulated subjects
1
personal data (all forms): storage (any form)
Regulatory tool
Regulator approval requirement
Technical standard adherence
Definition of oversight agency jurisdiction
Registration requirement
Recordkeeping requirement
Sanctions
Regulated subjects
1