Elvira Nabiullina: “provisions on digital assets should be enshrined in law”

Bank of Russia Chairman Elvira Nabiullina said that the basic provisions on digital assets should be enshrined in law – this will allow the industry to develop.

During a meeting of the Council for the Development of the Financial Market under the Federation Council, the Chairman of the Central Bank of the Russian Federation Elvira Nabiullina raised the topic of legislative consolidation of provisions on digital assets. She noted that this is necessary for the further development of the industry.

“In order to develop the digital economy, we must understand that new assets, new tools will arise, and they need an adequate legal framework. Yes, there are controversial issues. If we did not allow them, we need to discuss. But basic things, in our opinion, need to be taken so as not to impede the development of digital financial assets, ”she said.

The Law “On Digital Financial Assets” was adopted only in the first reading, and so far it is not moving forward, because the legislators still have disagreements. Recently, the chairman of the State Duma committee on the financial market, Anatoly Aksakov, said that the disagreements of lawmakers on the regulation of crypto assets are almost settled and the law will be adopted before the end of the spring session.

Despite the delay in adopting regulation of digital financial assets, last year a law was adopted to raise funds through crowdfunding platforms – it entered into force on January 1, 2020. Nabiullina noted that this law allows small enterprises to produce promising products.

According to her, “crowdinvesting is the placement by enterprises on an investment platform of applications for raising financing. And at the same time, the company must disclose information about itself, about the project in which funds are raised. ” Now the regulator is working with the government and development institutions to make this tool work in practice.

In particular, a mechanism is being developed that compensates for part of the costs of raising financing through investment platforms, as well as a guarantee mechanism that will increase the reliability of such investments.

In addition, crowdfunding can contribute to the development of factoring for small and medium-sized businesses. Nabiullina said that the Central Bank of the Russian Federation, jointly with the Small and Medium Business Corporation, is working on a “mechanism for issuing and circulating factoring digital rights on investment platforms and a system for registering and storing customer obligations for payments for SME products.”

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