August 5, 2021

The Ministry of Justice spoke about the problems of the current version of the bill …

The Ministry of Justice told about the problems of the current version of the draft law on cryptocurrencies

The Ministry of Justice of the Russian Federation criticized the draft law on cryptocurrencies. Izvestia writes about this with reference to the opinion of the Deputy Minister of Justice Denis Novak.

The Ministry of Justice spoke about the problems of the current version of the draft law on cryptocurrencies The Ministry of Justice ...

The Ministry of Justice spoke about the problems of the current version of the draft law on cryptocurrencies The Ministry of Justice ...

As Novak notes, the bill creates uncertainty regarding the sale of cryptocurrencies in the framework of enforcement proceedings, since their purchase in the Russian Federation is prohibited by the document. The situation is considered when bailiffs arrest digital assets of a defaulter, but there will be no one to sell them. The Deputy Minister sees a possible solution to the problem in the definition of a government agency through which the owners of digital currency will be able to sell it abroad..

The Ministry of Justice spoke about the problems of the current version of the draft law on cryptocurrencies The Ministry of Justice ...

In addition, as experts explain, Russian bailiffs have no experience in selling digital assets in foreign jurisdictions, but the draft law in its current version leaves them no other choice. The procedure for registering an account on a crypto exchange also raises a question, since its verification will require the data of a real person, which entails the risks of losing control.

The Ministry of Justice spoke about the problems of the current version of the draft law on cryptocurrencies The Ministry of Justice ...

Novak also highlighted the clause of the bill on liability for individuals for illegal circulation of cryptocurrencies. Recall that the document provides for a fine of up to 500,000 rubles, and for especially large damage – a prison term of up to seven years. According to the Deputy Minister, “it is not always clear who exactly needs to be punished for administrative offenses, there are contradictions with industry legislation and inconsistencies between the requirements of the documents”.

Earlier, the Ministry of Economics criticized the bill, noting that the proposed measures create risks of the formation of an “uncontrolled black market”. The Ministry of Telecom and Mass Communications also sent its review, which says that along with cryptocurrencies, loyalty programs, crowdfunding and charitable programs may be banned.

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