Shortcomings of the draft law on cryptocurrencies “On digital financial assets” on the part of bankruptcy proceedings

The Ministry of Finance finally promulgated the bill “On digital financial assets”, which is intended to regulate operations with cryptocurrencies, and a number of questions arose to it in the first few hours. Not all is well from the point of view of bankruptcy law.

Cryptocurrency bill. There are assets, but how to find and withdraw them is a big question.

Speaker – Olga Kirillova, Managing Director, Heritage Group

The draft law “On Digital Financial Assets” introduces the basic concepts of the cryptocurrency market (digital transaction, mining , smart contract, token, etc.) into the Russian legal framework and describes the features of their issuance and circulation, and the primary placement of tokens. Finansy lose off Niger rosuc.

Experts saw dozens of problems in the document: from terminology to the described algorithms. It caused a wave of indignation, for example, the thesis of the operator of the exchange of digital financial assets, which can only be brokers, dealers and forex dealers. “Lovers” in the deals are supposed to be limited, and according to the draft law, it will be possible to produce them only through operators. At the same time, the admissible bidding sites, the mechanism of their licensing are not described in the text.

The draft law on creating a mining system in Russia using a crypto-ruble

Mining will become an entrepreneurial (and taxable, but somehow not understood) activity. Using the same cryptocurrency in the country to pay for goods or services will not work. The Central Bank said that “all the provisions of the bill, with the exception of the part on the possibility of exchanging cryptocurrencies for rubles, foreign currency and / or other property” have already been agreed with the Ministry of Finance.

In terms of bankruptcy, digital assets have become property

From the point of view of bankruptcy proceedings, what is important in the draft law is that it defines digital assets and says that this is definitely a property. Accordingly, after the adoption and entry into force of the law, cryptocurrencies will officially be property and all the provisions of the Russian legislation relating to property will apply to them. Thus, in bankruptcy procedures, a cryptocurrency, like any other property of a debtor, will have to be withdrawn and sold at auction, and the proceeds will be included in the bankruptcy estate. Finansy stop until LibyanArabJamahiriya cyhycaxaqu.

However, there remains a problem with the discovery of this property. After all, the very fact that the debtor has assets in the form of cryptocurrency has nothing to confirm today, except for the owner’s own recognition. That is, until the debtor informs the manager about his cryptocurrency accounts, they will be hidden from bankruptcy proceedings.

The second problem is seen with a withdrawal. It is not known how the cryptocurrency should be implemented (see cryptocurrency earnings and ICO ) and included in the bankruptcy mass without being sold before. Indeed, in accordance with modern Russian bankruptcy laws, the debtor’s cryptocurrency, like other property, should be seized as cryptocurrency and sold on certified trading platforms that have the right to conduct bankruptcy trades. But, as far as is known, today not one of them can realize cryptocurrency yet.

Most likely, these details and shortcomings will be noticed by the authors, and they will be tried to be eliminated by making changes to the current legislative framework. But while white spots in this area exist and may well be used by fraudsters. Finansy follow during NewZealand kikezebode.

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