The Russian Union of Industrialists and entrepreneurs continues to work on comprehensive regulation of the turnover of digital rights

In connection with the adoption of the Federal law of 31 July 2020 № 259-FZ "On financial digital assets, the digital currency and on amendments to certain legislative acts of the Russian Federation" RSPP thanks the Bank of Russia, the Russian Government, State Duma for constructive and fruitful cooperation with the business community.

As a result of prolonged and large-scale work on site RSPP many of the proposals of the business community on topical issues of regulation of the market of digital assets in Russia were taken into account.

In the RSPP letter sent August 10, 2020 , signed by the President of RSPP, Chairman of the coordination Council of RSPP on the issues of digitization A. N. Shokhin addressed to the President of the Bank of Russia Elvira Nabiullinanoted that the majority of Law on the CFA enters into force on 1 January 2021, with more than 30 provisions of the CFA Act provides powers to the Bank of Russia normative acts.

In the development of sub legislative regulation of the turnover of digital of financial assets on the RSPP site plan conceptual discussion of the relevant draft normative acts of Bank of Russia and preparation of proposals of the business community for them, including key thematic blocks of the implementation of the Law on the CFA:

• organization of access to the market of CFA and supervision;
• the establishment of requirements for the operator of the information system, in which the release of a CFA, the exchange operators of the CFA;
• approval by the Bank of Russia rules of the information system within which the issue of the CFA;
• the definition of requirements to the contents of the information system, in which the release digital of financial assets, the rules of exchange of the CFA, the order of presentation of these rules for approval to the Bank of Russia.

RSPP hopes to continue constructive cooperation of the Bank of Russia with the business community in the implementation of the Act on a CFA.

In addition, in order to ensure the implementation of the orders of the President of the Russian Federation by results of consideration of the letter of the RSPP (PR-2271 from November 5, 2019) on the development of a regulatory framework to create the system of legal regulation of digital rights experts RSPP, within working structures of the coordination Council of RSPP on the issues of digitalization, developed proposals, conceptual approaches to the legal regulation of taxation of transactions with digital of financial assets.

According to experts RSPP, one of the key conditions for the development of competitive market of digital rights and removing barriers to the development of the digital economy in the Russian Federation is the development of mechanisms of legal regulation of taxation of transactions with digital of financial assets.

Letters from the relevant proposals of the experts of the RSPP was sent on 10 August 2020 to the Minister of Finance A. G. Siluanov and the head of the Federal tax service D. V. Egorov.

RUIE noted the need for constructive interaction and to develop a consolidated proposals of the business community on taxation of digital assets.