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Putin signs law on digital assets use in international payments

The use of digital rights in foreign trade was not covered earlier either by currency regulation and currency control or by foreign trade regulation

MOSCOW, March 11. /TASS/. Russian President Vladimir Putin signed the law on the use of digital financial assets for international payments.

The document was posted on the web portal of legal information. The use of digital rights in foreign trade was not covered earlier either by currency regulation and currency control or by foreign trade regulation. The approved law provides for the possibility of performing foreign trade transactions where digital assets are used as the means of payment. Transactions between a resident and a nonresident or between nonresidents on acquisition and divestment of digital assets on legal grounds are recognized as currency transactions.

The Bank of Russia is vested with powers to set out conditions for making individual currency operations with digital assets and banning their performance. The law also updates the definition of digital rights being and not being currency valuables and authorizes currency transactions related to acquisition and disposal of digital rights that are currency valuables, provided that payments are made in the Russian currency.

Furthermore, the Central Bank is vested with a right to request details of beneficial owners of persons issuing digital financial assets from an issuer or an issue operator.

The law will come into force from the promulgation date.

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