The Ministry of Finance of the Russian Federation and the Russian Union of Industrialists and Entrepreneurs (RSPP) propose dividing crypto assets into three different types to facilitate regulation.
It is reported that during the meeting on Monday evening a productive discussion took place, at which it was proposed to distinguish three types of crypto assets: technical tokens (correspond to utility tokens – approx. ed.), virtual assets and digital financial assets (match security-tokens – approx. ed.)
Technical tokens are instrumental assets necessary to maintain the health of the system; virtual assets are full-fledged cryptocurrencies like bitcoin, and digital financial assets are tokens issued for fundraising, for example, within the framework of ICO and IEO.
“We met on Monday evening at the RSPP. There was an interesting panel with the participation of business, there was a very good discussion, and we found some approaches to how to move, maybe even not solving the problems that we have, which I spoke about, ”said Deputy Minister of Finance Alexey Moiseev.
According to Moiseev, it is necessary to use different approaches to regulating these types of assets, and then the business will be satisfied.
The publication of RBC cites the opinion of a legal expert, chairman of the Commission for the Legal Support of the Digital Economy of the Moscow branch of the Russian Bar Association, Alexander Zhuravlev, who believes that such a separation would be a logical step. The fact is that such a decision is dictated by the recommendations of the Financial Action Task Force (FATF).
“It should be noted that their properties are different assets, therefore, the legal nature of each of them should be defined in the law. The position of the Ministry of Finance that cryptocurrencies will not be legal tender, unfortunately, is expected and understandable. The Ministry of Finance, like the Central Bank, decided that cryptocurrency supposedly could be a competitor to the ruble, ”Zhuravlev explained.
Earlier, the head of the State Duma committee on the financial market, Anatoly Aksakov, said that RSPP insists on regulating cryptocurrencies in Russia. Industrialists want to issue tokens secured by commodities and sell them to interested parties. This requires a legal basis. The relevant bill must be signed before November 1 of this year. But it is most likely that he will be once again postponed.
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