The Bank of Russia explains when it will be possible to purchase digital financial assets

Nov, 05 2020

The Law on Digital Financial Assets (DFA) was adopted at the end of August and will come into force on January 1, 2021. The law regulates digital rights, rules for their issuance and accounting, transactions and also indicates the concept of cryptocurrency and its status in the Russian market.

The Bank of Russia has recently prepared rules for the purchase of DFA.

Qualified investors and legal entities will be able to purchase DFA in the following cases:

– DFA issued in information systems organized under foreign law;

– DFA includes the right to demand the transfer of equity securities that can only be purchased by a qualified investor.

Individual entrepreneurs and individuals who are not qualified investors will be able to purchase DFA within 600 thousand rubles per year. At the same time, qualified investors and legal entities will be able to buy DFA, the value of which exceeds this amount, provided that such DFA were issued in the above information systems.

As stated in the Law, the transactions are concluded through the exchange operator of DFA. They can be a credit organization, trade organizer and other legal entities. Those who wish will need to submit an application to the Central Bank for inclusion in the register of such operators.

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