The original version of the bill called for two registries to be maintained by an authorized body:
– the first—legal entities, sole proprietors, and foreign nationals who organize cryptocurrency transactions bypassing legitimate market participants;
– the second—foreign payment providers facilitating transfers to entities on the first list (foreign banks were not included in it).
By the second reading, both lists had been removed. Instead, the concept of an “unauthorized recipient” was introduced. This refers to a recipient of funds whom the bank suspects of organizing the circulation of digital currencies without the status of a legal market participant in the Russian Federation, according to forklog.com.
The bill does not define the criteria for suspicion nor does it mandate the Bank of Russia to do so. Each financial institution will establish these criteria independently in its internal documents.
Banks will submit information on “unauthorized recipients” to the Central Bank. In response, the regulator will be able to provide only data on foreign payment service providers that process transfers in their favor. The bill does not require this information to be made public.
Who Will Reject Transfers
By the second reading, payment agents, telecommunications operators, postal operators, and the operator and participants of the digital ruble platform were removed from the mechanism. The obligation to reject transfers remains with credit institutions, branches of foreign banks, and payment card issuers.
The bank must immediately notify the customer of the rejection—in accordance with the procedure specified in the contract. However, the document does not specify procedures for notifying the unauthorized recipient or for challenging the block.
The bank is not required to reject a transfer in three cases:
– the transaction is related to a foreign trade contract;
– the transfer is made on behalf of an organization that exchanges digital currency;
– the transaction is made on behalf of a broker or trustee, provided the Bank of Russia authorizes it.
The State Duma plans to consider the bill in its second reading on July 21.
