Russia might create extra detailed guidelines for taxing digital securities and utility tokens, however already has a ample regulatory surroundings to create a authentic marketplace for digital belongings, the nation’s chief monetary regulator mentioned in a brand new consultative report revealed on Monday.

Digital belongings could also be regulated equally to the normal securities, in these circumstances once they have related properties, the report says. Nevertheless, if the underlying know-how permits to handle shopper dangers, a brand new regulatory method will be developed, completely different from the one already in drive for the securities market, the report mentioned. The doc principally covers issues associated to the digital belongings issued in Russia based on the 2020 regulation On the Digital Belongings.

The doc suggests growing extra detailed guidelines addressing the taxation of digital securities and utility tokens, in addition to authorized framework for tokenizing securities, debt, treasured metals and stones, and issuing non-fungible tokens (NFTs) that certify property rights.

The financial institution of Russia additionally instructed together with digital belongings buying and selling into the normal inventory market infrastructure. Guidelines of entry to the digital belongings market ought to be harmonized with those for the normal securities markets, in order that unqualified traders can entry each inside the 100,000 rubles a 12 months restrict ($1,640) or extra, in the event that they efficiently full a monetary literacy take a look at, the report suggests.

The regulator additionally sees a necessity to offer framework for permitting digital belongings issued overseas to the Russian market, however solely these which “adjust to the standard necessities,” for instance, have an issuer and are backed by one thing.

The report additionally significantly mentions the need for regulating good contracts.

The financial institution of Russia expects to obtain feedback for the report till Dec. 7.