In the Russian legal system securities are regulated by the Federal Law No. 39-FZ “On the Securities Market” of 22 April 1996.

Article 8 of this law states, that “The keeping of the register of securities owners shall include the collection, fixation, treatment, storage and submission of data comprising the system of keeping the register of securities owners. Only legal entities shall have the right to keep the register of securities owners. Persons engaged in the keeping of registers of securities owners are termed registrars of securities. A legal entity that keeps a register of securities owners, registered in the system of keeping the registers of issuers, shall have no right to make deals with securities. The system of keeping a register of securities owners shall be understood to mean the totality of data, fixed by paper carriers and/or with the use of electronic data bases, which provides for the identification of nominal holders and owners of securities registered in the system of keeping the registers of securities owners, and the record-keeping of their rights to securities registered in their name, and which makes it possible to receive and send information to said persons and to draw up a register of securities owners.

However, the Ministry of Finance jointly with the Bank of Russia are working on the laws, regulating tokens emission, cryptocurrencies and exchanges. Please check section “Laws related to token sales, blockchain, and digital proof” above.

Sources

• the Federal Law No. 39-FZ “On the Securities Market” of 22 April 1996