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The Ministry of Finance and the RSPP proposed to divide crypto assets into three types for regulation

The Ministry of Finance and the RSPP proposed to divide crypto assets into three types for regulation

The Ministry of Finance of the Russian Federation and the Russian Union of Industrialists and entrepreneurs (RSPP) propose to divide crypto assets into three different types to facilitate regulation.

It is reported that during the meeting on Monday evening, a productive discussion was held, at which it was proposed to distinguish three types of crypto assets: technical tokens (corresponding to utility tokens-ed.), virtual assets and digital financial assets (corresponding to security tokens – ed.).

Technical tokens are instrumental assets that are necessary for maintaining the system’s performance; virtual assets are full — fledged cryptocurrencies like bitcoin, and digital financial assets are tokens issued for fundraising, for example, within the framework of ICO and IEO.

“We were going to the RSPP on Monday evening. There was an interesting panel with the participation of business, there was a very good discussion, and we found some approaches to how to move, even, perhaps, without solving the problems that we have, which I mentioned,” said Deputy Finance Minister Alexey Moiseev.

According to Moiseev, it is necessary to use different approaches to regulating these types of assets, and then the business will be satisfied.

The RBC publication cites the opinion of a legal expert, the Chairman of the Commission on legal support of the digital economy of the Moscow branch of the Russian bar Association, Alexander Zhuravlev, who believes that such a division would be a logical step. The fact is that this decision is dictated by the recommendations of the financial action Task force on money laundering (FATF).

“It should be noted that these are different assets by their properties, therefore, the law should define the legal nature of each of them. The position of the Ministry of Finance that cryptocurrencies will not be a legal means of payment, unfortunately, is expected and understandable. The Ministry of Finance, like the Central Bank, decided that the cryptocurrency could allegedly be a competitor of the ruble,” Zhuravlev explained.

Earlier, the head of the state Duma Committee on the financial market Anatoly Aksakov said that the RSPP insists on regulating cryptocurrencies in Russia. Industrialists want to issue tokens backed by commodities and sell them to interested parties. This requires a legal framework. The relevant bill must be signed by November 1 of this year. But it is most likely that it will be postponed once again.