Bank of Russia Issues First Regulations Under the Law on Digital Financial Assets
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Key takeaways:
- In the end of December 2020 – beginning of January 2021 the Bank of Russia issued the first regulations for implementation of the Law on Digital Financial Assets.
- The Bank of Russia regulations set forth, in particular, the types of digital financial assets (the “DFA”) that can be acquired only by qualified investors; the types of DFA that can be acquired by non-qualified investors only within the limit set forth by the Bank of Russia; documents confirming information incorporated into the register of information system users; transfer of DFA to a nominal holder; calculation of net assets for the purposes of incorporation of a company into the register of DFA exchange operators; the procedure for applying for listing in the registers of operators of information systems and DFA exchange operators and consideration of respective applications.