Russia Adopts Crowdfunding Law
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- On August 2, 2019, the Russian President signed Federal Law No. 259-FZ on Raising Investments via Investment Platforms and on the Amendments to Certain Legislative Acts of the Russian Federation (the “Crowdfunding Law”), which continues the development of a digital economy in Russia.
- The Crowdfunding Law will come into force on January 1, 2020 and will apply to relations arising from making and raising investments on investment platforms.
- Investments on investment platforms can be made by way of lending funds, acquisition of issuable securities offered via the investment platform and acquisition of digital utility rights—the first type of digital rights recently introduced into the Russian Civil Code.