Payment with digital assets is prohibited. The Central Bank received the right to control the activities of the EEP and apply measures of influence against them.
As part of a whole pool of laws, the President also signed the Federal Law FZ-331, dedicated to the regulation of the circulation of digital financial assets (abbreviated as CFA). DFA are "digital" shares and bonds, not a cryptocurrency, but a financial instrument issued on the infrastructure of the operator of an electronic platform or system (the activities of the OEP are regulated by the legislation of the Russian Federation). The law has already been posted on the portal of regulatory legal acts, that is, it has been officially published, for the most part it comes into force from the moment of publication (certain norms, including the prohibition to make payments for CFA goods, come into force after ten days).
The draft law was specially developed to introduce into the legislation norms that increase the investment attractiveness of CFAs; for this, the procedure for calculating transactions with them on an electronic platform has been clarified and concretized. The document was submitted for consideration by the State Duma on 06/07/2022, the Central Bank of the Russian Federation has already begun to include OES issuing digital financial assets in the register of organizations working with the CFA. The law now refers them to the subjects of the national payment system and establishes the obligation to maintain their register.
The law also categorically states that DFA and utilitarian digital rights cannot be used as a means of payment or providing other counter performance for:
goods transferred under any contracts;
work performed or in progress;
services rendered or being rendered.
That is, the rule prevents any occurrence of any exceptions to it in practice, digital financial assets cannot be used as a payment or fulfillment of obligations in any way and form.
Previously, there was no direct prohibition in the law, but there was a list of transactions, the subject of which could be digital financial assets. Cryptocurrency in the Russian Federation also cannot be used as payment.
The OEPs received the right to settle transactions made using the DFA, but only through a special nominal account, the beneficiary of which should be platform users. A ban has been introduced on the provision by the operator of funds to the user to replenish the account. The Rules do not apply to EPOs that are credit institutions.
The Central Bank received the right to control the activities of the EEP and apply measures of influence against them if violations are detected in their activities.
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