Russian President signs law on DFA regulation

The document involves a ban on payments for services, goods, and works with digital financial assets

16.07.2022 - 06:45

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What’s new? Russian President Vladimir Putin has signed a law on the regulation of digital financial assets (DFAs). The document imposes a ban on payments for goods, services, and works with DFAs, excluding certain cases stipulated by federal laws. The main provisions of the new law come into force upon its official publication.

Law on regulation of DFA circulation

What else does the law say? The document introduces the concept of an electronic platform operator. Such operators are equated to the subjects of the national payment system and have the right to settle transactions on electronic platforms.

The Bank of Russia will create a register of electronic platform operators and will be able to take measures against them if violations of the law “On the National Payment System” are identified. An operator to be excluded from the register by the Central Bank will not be able to carry out settlement of transactions carried out with an electronic platform.

Earlier, the head of the State Duma Committee on the Financial Market Anatoly Aksakov reported that Russian lawmakers would begin work in the fall of 2022 to legalize the digital ruble as a third form of money, the asset to be used as a means of payment in a distributed ledger.

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