The Bank of Russia does not see clarity in the regulation of digital financial assets (DFA) and called on the government to clarify who will initiate cases for violation of the DFA turnover. About it writes “Interfax” with reference to the letter of the mega-regulator.
Until now, Russian legislation does not clearly distinguish who exactly is responsible for initiating administrative cases on the CFA market: the Central Bank, the Ministry of Internal Affairs, or the prosecutor’s office. As the head of the Central Bank of the Russian Federation Elvira Nabiullina said in a letter, clarification of this issue plays a key role for the development of the CFA.
“At the same time, when preparing the bill, the interested state authorities participating in the procedure for its approval could not determine the bodies authorized to initiate cases of an administrative offense,” she said.
The departments cannot reach a consensus, since not only financial organizations, but also persons who are not liable, for example, the Central Bank, can fall under administrative fines. It is therefore unclear who exactly will receive expanded powers to initiate cases. The Central Bank of the Russian Federation itself believes that such powers should be assigned to law enforcement agencies.
In mid-June, the head of the financial market committee, Anatoly Aksakov, proposed a bill introducing fines for the illegal issuance and circulation of CFA. According to the details, non-compliance with the requirements of the CFA law is proposed to be subject to a fine in the amount of ₽3,000 to ₽5,000. For officials, the amount of the fine increases from at least ₽20,000 to ₽30,000, and for legal entities – from ₽500,000 to ₽700,000.
The draft law also notes that a person carrying out entrepreneurial
activity on the circulation of digital financial assets without proper registration and without legal education, is liable as a legal entity.
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