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The State Duma adopted laws regulating mining, cryptocurrency turnover and foreign digital financial assets, as well as the use of digital currency in foreign trade activities. In the final version of the document, the deputies rejected the ban on the work of crypto exchanges and did not ban "household mining", but retained the ban on advertising cryptocurrencies.
The law on mining has been adopted
The State Duma adopted in the second and third readings two draft laws related to the regulation of digital currencies (cryptocurrencies). The first of them is an amendment to the Law" On Digital Financial Assets " (CFA), adopted in 2020.
The law defines the concepts of mining, a mining pool, a person who organizes the activities of a mining pool, a mining infrastructure, and an operator of a mining infrastructure. It also introduces the concept of an identifier address - a unique sequence of characters intended for accounting for incoming and outgoing operations with digital currency in the information system.
Russian residents will be able to receive digital currency as a counter-reward for goods and services, if it is received as a result of issuing a digital currency or received by a person organizing the mining pool's activities as a reward for confirming entries in the information system. Currently, receiving digital currency as a counter reward is prohibited.
In the version of this bill approved in the first reading, it was supposed to allow the turnover of cryptocurrencies only without the participation of the Russian information infrastructure. As deputy Anton Gorelkin explains, such a rule caused serious concerns of market participants, as it threatened to actually stop the operation of crypto exchanges and crypto exchanges. Now, the market is expected to see the appearance of "one hundred percent Russian crypto-exchanges," the deputy believes.
At the same time, according to the amendments to the Law "On Advertising", advertising of digital currencies and goods and services for the purpose of organizing their circulation, as well as CFA with limited circulation, is prohibited..According to Gorelkin, the meaning of this rule is "to save the savings of those people who are poorly versed in the risks associated with crypto."
Who can mine and who can't
Russian individual entrepreneurs and legal entities can engage in mining from the moment they are included in the relevant register, while individuals can also engage in mining without being included in the register, if their electricity consumption does not exceed the limits set by the Government. According to Gorelkin, during the discussion of the bill, the State Duma Committee on Energy expressed concerns that the norm on limiting electricity for airliners may not work, and "black mining" will continue to flourish. However, lawmakers have retained the ability to implement "household mining".
Individual entrepreneurs and legal entities can become operators of the mining infrastructure after being included in the relevant register. The introduction of registers of mining entities and operators of mining pools is carried out by the Ministry of Digital Resources. If a person violates the requirements during the year, the Ministry of Digital Development can exclude them. The person performing mining is obliged to provide the authorized body with information about the receipt of digital currency, as well as about the identifier address.
The organizers of the mining pool can be Russian individuals and legal entities, including those who are not individual entrepreneurs. Such individuals can simultaneously mine digital currency.
Persons with outstanding or unremitted criminal records for economic crimes, crimes against public authority, or intentional crimes of moderate gravity, serious crimes, or especially serious crimes may not engage in mining. In addition, the ban applies to persons who have information about their involvement in extremist activities or terrorism, as well as persons from the lists compiled in accordance with the decisions of the UN Security Council and associated with terrorist organizations or the proliferation of weapons of mass destruction.
Disconnecting the miner from electricity
The government may prohibit mining in certain territories or regions of the Russian Federation. According to the amendments to the Law "On Electricity", in case of non-fulfillment of this ban by the consumer of electricity or the activity of mining activities without inclusion in the register, in respect of power receiving devices belonging to this consumer, a court decision establishes a change in the parameters of technological connection in terms of reducing the maximum connected capacity up to the complete disconnection of such power receiving devices from the electrical network. In such cases, the fee for technological connection of such power-consuming devices is non-refundable.
Also, in the mentioned cases, it is allowed to change the power supply conditions of previously connected power receiving devices belonging to the electricity consumer, with the use of which mining is carried out. The Government will determine the specifics of full or partial restrictions on the mode of electricity consumption by power receiving devices in these cases.
I agree with the amendments to the Law "On the Specifics of the Functioning of Electricity", legal entities and individual entrepreneurs are prohibited from combining the implementation of digital currency mining with activities related to the transmission of electric energy and operational dispatch management in the electric power industry, activities related to the production or purchase and sale of electric energy.
Foreigners and digital financial assets
The law introduces the concepts of foreign digital rights: obligations and other rights that are issued, recorded, and handled in an information system that is not organized in accordance with Russian law. Assumes that a foreign nominee holder of digital financial assets records and transfers rights to the CFA credited to him / her, which belong to other persons, in accordance with his / her personal law.
CFAs can be credited to a foreign nominee holder of digital financial assets for recording the rights to CFAs belonging to other persons in whose interests the specified CFAs are recorded and disposed of. A foreign nominee holder of a CFA has the right to perform actions related to the exercise of rights certified by the CFA and disposing of them without a power of attorney in the interests of its clients in accordance with the agreements concluded with them.
A foreign nominee CFA holder is required to provide information about its customers to the operator of the information system in which the CFA is issued. CFA credited to a foreign nominee holder may not be subject to foreclosure on its obligations.
Russians and foreign digital financial assets
The decision to issue CFAs may contain an indication of the possibility of acquiring them only by individual entrepreneurs or legal entities specified in such a decision and meeting the criteria established by such a decision. However, the person issuing the CFA does not have the right to refuse to perform obligations certified by the cFA, including if the CFA was purchased by a person not specified in the decision on their issue.
The decision to issue a CFA is made in electronic form and must be signed with an enhanced qualified electronic signature (UCEP). At the same time, the decision to issue CFAs may not be published on the Internet if it is addressed to a certain group of persons and their acquisition can only be carried out by a person who is a qualified investor. However, the Central Bank, persons who can purchase them, and holders of CFA data must have access to this solution.
If the CFA is issued by a foreign entity, and the decision on its issue contains an indication of the possibility of their acquisition only by individual entrepreneurs and legal entities specified in such a decision, then the decision on the CFA issue may be drawn up in hard copy. At the same time, the operator of the information system in which the CFA is issued must convert this decision into an electronic form by scanning it while preserving the banking details and certify it to the UKEP
Foreign digital rights are allowed for circulation in Russia as CFA, provided that foreign digital rights are qualified by the operator of the information system in which the CFA is issued. Individuals who are Russian citizens will not be able to acquire such rights. The Central Bank, if there is a threat to the rights and legitimate interests of investors, has the right to prohibit the qualification of certain foreign digital rights as CFA.
Digital currencies and cross-border payments
At the same time, amendments were adopted to the Law "On Experimental Legal Regimes", which introduce the concept of an experimental legal regime in the field of digital innovations. It allows you to introduce special regulations that differ from those established by law. The program of the corresponding pilot regime is established by the Central Bank in coordination with Rosfinmonitoring. Within the framework of the CFA Law, the pilot legal regime may change or exclude the provisions of the law in relation to digital currency transactions made in the course of foreign trade activities through an authorized organization defined by the program of this regime.
The pilot legal regime may change or exclude the provisions of the Law "On Currency Regulation" regarding operations with digital currencies, including the use of digital currency as a means of payment under foreign trade agreements concluded between residents and non-residents, which provide for the transfer of goods, performance of works, provision of services, transfer of information and results of intellectual activity, etc. exclusive rights to them. Also, the provisions of this law may be repealed in terms of using the concepts of "currency values", "currency operations", defining the rights and obligations of residents and non-residents when performing currency operations with digital currency, and defining the rights and obligations of currency control bodies and agents.
According to Anton Gorelkin, there are many questions regarding the possibility of using cryptocurrency for transactions with counterparties from abroad. But the details of this mechanism should not be made public, the deputy believes: "Money loves silence - it fully concerns the use of crypts in transgrane."
Within the framework of the Law "On the National Payment System", the pilot legal regime may change or exclude the provisions of this law in terms of the concepts of "electronic platform", "electronic platform operator", "electronic platform user" and "electronic platform rules", as well as defining requirements for the activity of an electronic platform operator to provide settlement services for transactions, completed using an electronic platform.
Within the framework of the Law "On Electronic Trading", the experimental legal regime may change or exclude the requirements of this law regarding the procedure for admitting digital currencies as goods to organizational trading and defining requirements for trade organizers conducting organizational trading in digital currency, including determining cases when services for conducting organizational trading in digital currency can be provided by a trade organization by the system).
The law on mining has been adopted
The State Duma adopted in the second and third readings two draft laws related to the regulation of digital currencies (cryptocurrencies). The first of them is an amendment to the Law" On Digital Financial Assets " (CFA), adopted in 2020.
The law defines the concepts of mining, a mining pool, a person who organizes the activities of a mining pool, a mining infrastructure, and an operator of a mining infrastructure. It also introduces the concept of an identifier address - a unique sequence of characters intended for accounting for incoming and outgoing operations with digital currency in the information system.
Russian residents will be able to receive digital currency as a counter-reward for goods and services, if it is received as a result of issuing a digital currency or received by a person organizing the mining pool's activities as a reward for confirming entries in the information system. Currently, receiving digital currency as a counter reward is prohibited.
In the version of this bill approved in the first reading, it was supposed to allow the turnover of cryptocurrencies only without the participation of the Russian information infrastructure. As deputy Anton Gorelkin explains, such a rule caused serious concerns of market participants, as it threatened to actually stop the operation of crypto exchanges and crypto exchanges. Now, the market is expected to see the appearance of "one hundred percent Russian crypto-exchanges," the deputy believes.
At the same time, according to the amendments to the Law "On Advertising", advertising of digital currencies and goods and services for the purpose of organizing their circulation, as well as CFA with limited circulation, is prohibited..According to Gorelkin, the meaning of this rule is "to save the savings of those people who are poorly versed in the risks associated with crypto."
Who can mine and who can't
Russian individual entrepreneurs and legal entities can engage in mining from the moment they are included in the relevant register, while individuals can also engage in mining without being included in the register, if their electricity consumption does not exceed the limits set by the Government. According to Gorelkin, during the discussion of the bill, the State Duma Committee on Energy expressed concerns that the norm on limiting electricity for airliners may not work, and "black mining" will continue to flourish. However, lawmakers have retained the ability to implement "household mining".
Individual entrepreneurs and legal entities can become operators of the mining infrastructure after being included in the relevant register. The introduction of registers of mining entities and operators of mining pools is carried out by the Ministry of Digital Resources. If a person violates the requirements during the year, the Ministry of Digital Development can exclude them. The person performing mining is obliged to provide the authorized body with information about the receipt of digital currency, as well as about the identifier address.
The organizers of the mining pool can be Russian individuals and legal entities, including those who are not individual entrepreneurs. Such individuals can simultaneously mine digital currency.
Persons with outstanding or unremitted criminal records for economic crimes, crimes against public authority, or intentional crimes of moderate gravity, serious crimes, or especially serious crimes may not engage in mining. In addition, the ban applies to persons who have information about their involvement in extremist activities or terrorism, as well as persons from the lists compiled in accordance with the decisions of the UN Security Council and associated with terrorist organizations or the proliferation of weapons of mass destruction.
Disconnecting the miner from electricity
The government may prohibit mining in certain territories or regions of the Russian Federation. According to the amendments to the Law "On Electricity", in case of non-fulfillment of this ban by the consumer of electricity or the activity of mining activities without inclusion in the register, in respect of power receiving devices belonging to this consumer, a court decision establishes a change in the parameters of technological connection in terms of reducing the maximum connected capacity up to the complete disconnection of such power receiving devices from the electrical network. In such cases, the fee for technological connection of such power-consuming devices is non-refundable.
Also, in the mentioned cases, it is allowed to change the power supply conditions of previously connected power receiving devices belonging to the electricity consumer, with the use of which mining is carried out. The Government will determine the specifics of full or partial restrictions on the mode of electricity consumption by power receiving devices in these cases.
I agree with the amendments to the Law "On the Specifics of the Functioning of Electricity", legal entities and individual entrepreneurs are prohibited from combining the implementation of digital currency mining with activities related to the transmission of electric energy and operational dispatch management in the electric power industry, activities related to the production or purchase and sale of electric energy.
Foreigners and digital financial assets
The law introduces the concepts of foreign digital rights: obligations and other rights that are issued, recorded, and handled in an information system that is not organized in accordance with Russian law. Assumes that a foreign nominee holder of digital financial assets records and transfers rights to the CFA credited to him / her, which belong to other persons, in accordance with his / her personal law.
CFAs can be credited to a foreign nominee holder of digital financial assets for recording the rights to CFAs belonging to other persons in whose interests the specified CFAs are recorded and disposed of. A foreign nominee holder of a CFA has the right to perform actions related to the exercise of rights certified by the CFA and disposing of them without a power of attorney in the interests of its clients in accordance with the agreements concluded with them.
A foreign nominee CFA holder is required to provide information about its customers to the operator of the information system in which the CFA is issued. CFA credited to a foreign nominee holder may not be subject to foreclosure on its obligations.
Russians and foreign digital financial assets
The decision to issue CFAs may contain an indication of the possibility of acquiring them only by individual entrepreneurs or legal entities specified in such a decision and meeting the criteria established by such a decision. However, the person issuing the CFA does not have the right to refuse to perform obligations certified by the cFA, including if the CFA was purchased by a person not specified in the decision on their issue.
The decision to issue a CFA is made in electronic form and must be signed with an enhanced qualified electronic signature (UCEP). At the same time, the decision to issue CFAs may not be published on the Internet if it is addressed to a certain group of persons and their acquisition can only be carried out by a person who is a qualified investor. However, the Central Bank, persons who can purchase them, and holders of CFA data must have access to this solution.
If the CFA is issued by a foreign entity, and the decision on its issue contains an indication of the possibility of their acquisition only by individual entrepreneurs and legal entities specified in such a decision, then the decision on the CFA issue may be drawn up in hard copy. At the same time, the operator of the information system in which the CFA is issued must convert this decision into an electronic form by scanning it while preserving the banking details and certify it to the UKEP
Foreign digital rights are allowed for circulation in Russia as CFA, provided that foreign digital rights are qualified by the operator of the information system in which the CFA is issued. Individuals who are Russian citizens will not be able to acquire such rights. The Central Bank, if there is a threat to the rights and legitimate interests of investors, has the right to prohibit the qualification of certain foreign digital rights as CFA.
Digital currencies and cross-border payments
At the same time, amendments were adopted to the Law "On Experimental Legal Regimes", which introduce the concept of an experimental legal regime in the field of digital innovations. It allows you to introduce special regulations that differ from those established by law. The program of the corresponding pilot regime is established by the Central Bank in coordination with Rosfinmonitoring. Within the framework of the CFA Law, the pilot legal regime may change or exclude the provisions of the law in relation to digital currency transactions made in the course of foreign trade activities through an authorized organization defined by the program of this regime.
The pilot legal regime may change or exclude the provisions of the Law "On Currency Regulation" regarding operations with digital currencies, including the use of digital currency as a means of payment under foreign trade agreements concluded between residents and non-residents, which provide for the transfer of goods, performance of works, provision of services, transfer of information and results of intellectual activity, etc. exclusive rights to them. Also, the provisions of this law may be repealed in terms of using the concepts of "currency values", "currency operations", defining the rights and obligations of residents and non-residents when performing currency operations with digital currency, and defining the rights and obligations of currency control bodies and agents.
According to Anton Gorelkin, there are many questions regarding the possibility of using cryptocurrency for transactions with counterparties from abroad. But the details of this mechanism should not be made public, the deputy believes: "Money loves silence - it fully concerns the use of crypts in transgrane."
Within the framework of the Law "On the National Payment System", the pilot legal regime may change or exclude the provisions of this law in terms of the concepts of "electronic platform", "electronic platform operator", "electronic platform user" and "electronic platform rules", as well as defining requirements for the activity of an electronic platform operator to provide settlement services for transactions, completed using an electronic platform.
Within the framework of the Law "On Electronic Trading", the experimental legal regime may change or exclude the requirements of this law regarding the procedure for admitting digital currencies as goods to organizational trading and defining requirements for trade organizers conducting organizational trading in digital currency, including determining cases when services for conducting organizational trading in digital currency can be provided by a trade organization by the system).
