Russia’s cryptocurrency legislation is reportedly “stuck” due to requirements demanded by the Financial Action Task Force Commission (FATF), TASS reported today. FATF has insisted that the country’s legislators revise the proposed Digital Financial Assets (DFA) bill to include crypto-related terms that lawmakers previously removed.
That language had been eliminated from the bill in an apparent attempt to ensure that the bill aligns with positions held by the country’s central bank. As TASS reports:
In the wording of the bill to the second reading, the concepts of token, cryptocurrency, smart contract were excluded. The text defines digital financial assets - such assets are digital rights, including liabilities and other rights, including monetary claims, as well as the possibility of exercising rights to equity securities and rights to demand the transfer of equity securities, which are enshrined in the issuance decision digital financial assets.
In remarks at the Russian Stock Market 2019 conference, State Duma Committee on Financial Market Chairman Anatoly Aksakov said that lawmakers will now have to “prescribe the standard for digital crypto assets, which will determine the requirements for these cryptotools.” He suggested that the government would either need to revise the DFA, or deal with the crypto terminology in another bill.