Russian president signed law "On digital financial assets"

by in Cryptocurrency News

On digital financial assets law

President of Russia, Vladimir Putin signed the law "On digital financial assets (DFA)", which regulates the circulation of crypto coins in the country. It will enter into force on January 1, 2021.

Related: Russia: Ministry of ED criticized the bill banning bitcoin

The law defines a digital asset (tokens and stablecoins) as a right to a monetary claim or an instrument for exercising rights under securities.

A digital currency in the context of a document is defined as a set of electronic data that can be accepted as a means of payment that is not a currency of Russia or a foreign state, as well as an investment.

Cryptocurrencies are recognized as property, while the law prohibits their use to pay for goods and services on the territory of the country.

Experts have already warned that this will slow the development of the cryptocurrency industry.