Source: Oleoscope (Russia)
Russian President Vladimir Putin has signed a law that will allow cross-border settlements and exchange trading in digital currencies under experimental legal regulations (ERR) from September 1, 2024. The corresponding document is published on the portal of the official publication of legal acts, RIA Novosti reported.
The law ensures the possibility of the ERR mechanism functioning in the field of digital innovations in the financial market. In this case, the Bank of Russia will be endowed with the functions of an authorized and regulating body for ERR in this area. At the same time, the cases in which the ERR program approved by the Central Bank must be coordinated with Rosfinmonitoring, the Federal Security Service and the Ministry of Finance of Russia will be determined.
The Central Bank will monitor the activities of ERR initiators to identify risks to the defense and security of the state, as well as risks of money laundering and terrorist financing. As soon as such risks are identified, the Central Bank must inform the FSB or Rosfinmonitoring within 10 days.
The current regulation prohibits the use of digital currencies for payments for goods (works, services). The law will amend it to allow the use of cryptocurrencies as a means of payment in foreign trade within the framework of an ERR. At the same time, the ERR program is to define the rights and obligations of participants in such settlements as well as currency control authorities and commissioners.
As part of the second reading, the State Duma supported a number of amendments, including those allowing exchange trading of cryptocurrencies within the framework of an ERR. The program of such an ERR must establish the procedure for admission (termination of admission) of cryptocurrencies to organized trading, specify requirements for their organizers and name cases in which such trading can be carried out by a trading system.
Under the ERR, the Bank of Russia will be given the opportunity to create an electronic platform for transactions with digital currencies based on the National Payment System (NZS) and determine the rules for its operation, as well as the requirements for the activities of its operator.
Thus, unlike the original version, from September 1 of this year, the Bank of Russia will be able to conduct not one, but three experiments: on the use of cryptocurrencies for settlements in foreign trade, on the conduct of exchange transactions in cryptocurrencies and on the creation of an electronic platform for transactions in cryptocurrencies based on the NZS.