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Russia: Ministry of Finance Presents Draft Law on Digital Payment Assets

On January 25, 2018 the Ministry of Finance of the Russia Federation published a draft federal law "on digital payment assets", which aims to regulate the creation, issuance, storage and circulation of digital financial assets, rights and obligations under smart contracts.

According to the draft, a digital financial asset is a property in a digital form, created by using cryptographic technology. Ownership of this property is certified by making digital entries in the register of digital transactions. Digital financial assets include cryptocurrency and tokens. Digital financial assets are not recognised as a legal means of payment in the Russian Federation.

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