Amendments have been made to the Law on Currency Regulation and Currency Control, the Law on Digital Financial Assets and Digital Currency, the Law on Attracting Investments Using Investment Platforms, and the Law on Combating the Legalization (Laundering) of Proceeds from Crime.
Digital financial assets (DFA) and utility digital rights (UDR) may be used as consideration under foreign trade agreements (contracts) concluded between residents and non-residents that provide for the transfer of goods, performance of work, provision of services, and the transfer of information and intellectual property, including exclusive rights thereto.
The transfer of DFA, DFA, and/or digital rights, which simultaneously include DFA and UDR, is subject to mandatory control if the said digital rights are used as consideration under foreign trade agreements (contracts) concluded between residents and non-residents.
Digital rights are included in the conceptual framework of the Law on Currency Regulation and Currency Control. Digital rights, which are and are not currency assets, have been defined.
The list of currency transactions has been clarified. It is stipulated that currency transactions involving digital rights are carried out in the information systems of information system operators where digital financial assets are issued, as well as in the investment platforms of investment platform operators.
Currency transactions between residents and non-residents involving the use of digital rights as a means of payment for transferred (performed, rendered) goods (work, services), information, and intellectual property, including exclusive rights thereto, may only be carried out under foreign trade agreements (contracts) concluded between residents and non-residents that provide for the transfer of goods, performance of work, provision of services, and the transfer of information and intellectual property, including exclusive rights thereto.
Foreign exchange transactions between residents related to the acquisition and disposal of digital rights constituting foreign exchange assets are permitted, provided settlements are conducted in rubles, as are transactions related to the fulfillment of obligations by a person liable for digital rights constituting foreign exchange assets, provided such obligations are fulfilled in rubles.
The Bank of Russia, in agreement with the federal executive body authorized by the Government of the Russian Federation, has the right to prohibit certain types of foreign exchange transactions related to the acquisition and disposal of digital rights, as well as to stipulate the conditions for such foreign exchange transactions. The Bank of Russia also has the right to establish requirements for residents to submit supporting documents and for residents to exchange information and data when conducting foreign exchange transactions involving digital rights.
Furthermore, the Bank of Russia has the right to request information about the beneficial owner of the issuer of digital financial assets from the issuer of digital financial assets or the operator of the information system in which digital financial assets are issued. The specified person and operator are required, upon request from the Bank of Russia, to provide information about the beneficial owner of the person issuing the digital financial instrument.
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