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FEDERAL LAW OF THE RUSSIAN FEDERATION

of July 31, 2020 No. 259-FZ

About digital financial assets, digital currency and about modification of separate legal acts of the Russian Federation

Accepted by the State Duma on July 22, 2020

Approved by the Federation Council on July 24, 2020

Article 1. Subject of regulation and coverage of this Federal Law

1. This Federal Law governs the relations arising in case of release, accounting and the address of digital financial assets, feature of activities of the operator of information system in which release of digital financial assets, and the operator of exchange of digital financial assets, and also the relations arising in case of turnover of digital currency in the Russian Federation is performed.

2. Digital financial assets the digital rights including monetary claims, possibility of implementation of the rights on issued securities, the rights of equity participation of non-public joint-stock company, the right to require transfer of issued securities which are provided by the decision on the release of digital financial assets according to the procedure established by this Federal Law, release, accounting and which address are possible only by entering (change) of records into information system on the basis of the distributed register, and also in other information systems are recognized.

3. Digital currency set of electronic data (the digital code or designation) containing in information system which are offered is recognized and (or) can be accepted as the instrument of payment which is not monetary unit of the Russian Federation, monetary unit of foreign state and (or) international cash or unit of account and (or) as investments and concerning which there is no person obliged before each owner of such electronic data, except for the operator and (or) the nodes of information system obliged to provide only compliance of procedure for release of these electronic data and implementation in their relation of actions for entering (change) of records into such information system to its rules.

4. Release, accounting and the circulation of issued securities, the possibility of implementation of the rights on which makes sure digital financial assets, are regulated by the Federal Law of April 22, 1996 No. 39-FZ "About the security market" taking into account the features provided by this Federal Law.

5. To the legal relationship arising in case of release, accounting and the address of digital financial assets according to this Federal Law including with participation of foreign persons, Russian law is applied.

6. In information systems in which release of digital financial assets is performed release of the digital rights including at the same time digital financial assets and other digital rights can be also performed. At the same time release, accounting and the address of the digital rights including at the same time digital financial assets and other digital rights are performed according to requirements of this Federal Law to release, accounting and the address of digital financial assets.

7. For the purposes of this Federal Law the distributed register is understood as set of databases, identity of the containing information in which is provided on the basis of the established algorithms (algorithm).

8. For the purposes of this Federal Law nodes of information system are understood as the users of information system on the basis of the distributed register providing identity of information containing in the specified information system with use of the procedures of confirmation of reality introduced in it (changed in it) the records.

9. The concepts "information system" and "operator of information system" are used in this Federal Law in the values determined by the Federal Law of July 27, 2006 No. 149-FZ "About information, information technologies and on information security".

10. The concept "beneficial owner" is used in this Federal Law in the value determined by the paragraph the thirteenth parts one of article 3 of the Federal Law of August 7, 2001 No. 115-FZ "About counteraction of legalization (washing) of income gained in the criminal way and to terrorism financing".

11. Requirements of this Federal Law do not extend to the address of non-cash, electronic money, and also to release, accounting and the address of bank entry securities.

Article 2. Release of digital financial assets

1. The rights certified by digital financial assets arise at their first owner from the moment of entering into information system in which release of digital financial assets, records about transfer of digital financial assets to the specified person is performed.

2. The type and amount of the rights which certify the issued digital financial assets, are provided by the decision on release of digital financial assets according to requirements of article 3 of this Federal Law.

3. Records about transfer of digital financial assets to their first owner (further - release of digital financial assets) have the right to perform actions for entering into information system in which release of digital financial assets is performed:

1) the physical persons registered according to the Federal Law of August 8, 2001 No. 129-FZ "About state registration of legal entities and individual entrepreneurs" as individual entrepreneurs;

2) legal entities (commercial and non-profit organizations).

4. In the cases and procedure provided by the regulation of the Bank of Russia, digital financial assets can be enlisted to the nominee holder of digital financial assets who considers the rights to the digital financial assets belonging to other persons. Only person having the license for implementation of depository activity can act as the nominee holder of digital financial assets. The operator of information system in which release of the specified digital financial assets is performed cannot act as the nominee holder of digital financial assets.

Article 3. Decision on release of digital financial assets

1. The decision on release of digital financial assets shall contain:

1) the information about person issuing digital financial assets including for physical person - surname, name, middle name (if other does not follow from the law or national custom), the residence, data on state registration as the individual entrepreneur, for the legal entity - full name, the address, data on state registration, the information about the beneficial owner, and also data on the website of person issuing digital financial assets on the Internet;

2) the information about the operator of information system in which release of digital financial assets is performed;

3) type and amount of the rights provided by part 2 of article 1 of this Federal Law and certified by the issued digital financial assets or specifying on the fact that the issued digital financial assets certify several types of the rights and the owner of the issued digital financial assets of the digital financial assets of conditions on the choice provided by the decision on release having the right to determine in case of approach one of several rights which will be exercised by it;

4) quantity of the issued digital financial assets and (or) limiting specifying of cash amount which need to be transferred to payment of the issued digital financial assets, and (or) extreme quantity of other digital financial assets which need to be transferred in quality of counter provision for the issued digital financial assets on reaching which release of digital financial assets stops;

5) conditions in case of which approach release of digital financial assets is declared valid (complete);

6) the price of acquisition of digital financial assets in case of their release or procedure for its determination (in case of payment of the issued digital financial assets by money) and (or) quantity of other digital financial assets which need to be transferred for acquisition of digital financial assets in case of release of digital financial assets, or procedure for its determination (in case of payment of the issued digital financial assets by transfer of other digital financial assets as counter provision);

7) start date of placement of the issued digital financial assets by the conclusion of agreements on their acquisition;

8) payment method of the issued digital financial assets (payment by money and (or) transfer of other digital financial assets as counter provision);

9) specifying on use for release of digital financial assets of the transactions providing execution by the parties of the obligations arising from them in case of approach of certain circumstances without separately expressed additional declaration of will of the parties directed to obligation fulfillment by use of information technologies (in case of use of such transactions);

- specifying on the fact that release of digital financial assets is provided with property of person issuing digital financial assets, or the third parties, the description of subject of the providing allowing it to identify 10) when using ensuring release of digital financial assets, and providing conditions;

11) in case of release of the digital financial assets certifying possibility of implementation of the rights on issued securities or the right to require transfer of issued securities, - specifying of type, category (type) of issued security, the possibility of implementation of the rights on which (the right to require transfer of which) is certified by the issued digital financial assets, and if the issued digital financial assets certify the right to transfer of issued security, - the term during which the right to require transfer of issued security, or specifying on event which generates the right to require transfer of issued security can be exercised;

12) specifying on restriction of the bases and (or) the extent of responsibility of person issuing digital financial assets (in the presence of such restriction);

13) other provisions which inclusion in the decision on release of digital financial assets is provided by this Federal Law.

2. The decision on release of digital financial assets along with the data specified regarding 1 this Article can contain other data determined by person issuing digital financial assets.

3. The Bank of Russia has the right to establish additional to provided by part of 1 this Article of the requirement to contents of the decision on release of digital financial assets.

4. If the decision on release of digital financial assets contains specifying on restriction of the bases and (or) the extent of responsibility of person issuing digital financial assets, such specifying shall be obvious and unambiguous.

5. The decision on release of digital financial assets is constituted electronically and shall be signed by the strengthened qualified digital signature of the individual entrepreneur issuing digital financial assets or the strengthened qualified digital signature (the strengthened qualified digital signatures) of person (persons) performing (performing) function of sole executive body of the legal entity issuing digital financial assets.

6. The decision on release of digital financial assets shall be posted on the Internet on the website of person issuing digital financial assets and on the website of the operator of information system in which release of digital financial assets is performed, and shall be in open access before complete obligation fulfillment of person which issued digital financial assets before all owners of the digital financial assets issued based on the relevant decision about release of digital financial assets.

7. Posted on the Internet on the website of person issuing digital financial assets and on the website of the operator of information system in which release of digital financial assets is performed, the decision on release of digital financial assets addressed to the uncertain group of people is recognized the public offer. The decision on release of digital financial assets can provide, and the decision on release of the digital financial assets certifying possibility of implementation of the rights on issued securities or certifying the right to require transfer of issued securities or certifying the rights of equity participation of non-public joint-stock company shall provide that it is addressed to certain group of people.

8. Release of digital financial assets on the terms of the public offer is performed according to the Federal Laws.

Article 4. Accounting and address of digital financial assets

1. Digital financial assets are considered in information system in which their release, in the form of records is performed by methods, statutory rules of the specified information system.

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