The Bank of Russia has expanded the requirements for foreign digital rights (PPIs) to enter the Russian market. This is reported on the regulator's website.
The corresponding instruction of the regulator establishes additional criteria for the PPI. They should not be linked to securities issued by unfriendly issuers.
In addition, such instruments should not certify the rights to receive cryptocurrencies or PPI, which are not allowed to be circulated in Russia. The terms of the PPI issue should contain no indication of possible blocking on the part of both the issuers themselves and the payment agents or their supervisors.
It is established that there should be at least one friendly country in the list of states where it is possible to comply with the requirements of the PPI. In case of disputes regarding digital instruments, they should not be handled in unfriendly jurisdictions.
Starting from August 2024, foreign PPI can apply to the Russian Federation if they are similar in content to Russian digital financial assets (CFAs). To do this, the operator of the information system where CFAs are issued must evaluate key documents that describe the foreign asset and the rights of its owners for compliance with the requirements of Russian legislation.
In the Russian Federation, such PPI can only be bought by legal entities that are qualified investors.
