The alternate bill on digital assets will have two richest businessmen of Russia as its jury, Vladimir Potanin and Viktor Vekselberg. Vladimir is the owner of the nickel and palladium mining and smelting company Nornickel whereas Viktor is the head of the Russian innovation fund Skolkovo.

Moreover, the panel will also include various ministries, departments and the Russian State Duma. RSPP vice-president Elina Sidorenko hinted the highlights of the new law. As per her, the makers are subcategorizing digital assets into three parts; Tokens, Cryptocurrencies and Signature (digital). They have plans to give Cryptocurrencies a special status, unlike in the history of Russian legislation ever. The Russian Central Bank will keep a tap on its rules and regulations. On the other hand, the Central Bank will issue licenses for exchange operations. That means the law will felicitate the status of crypto owners more than securities owners.

According to her, the current bill has some flaws those are “unfinished and fragmented”. She is optimistic that the new bill will eliminate that. Though she didn’t clear the air on what ‘digital sign’ means actually, but she defined its role. “digital sign” issuers will not need to apply for licences from the central bank, she said. Adding to that she told that tokens will not fall under the law on security.

The bill has been already accepted by the State Duma in May 2018. However, it became controversial by stating cryptocurrencies and tokens as property. Now RSPP will first approve the alternate bill before passing it to Russian officials later in October.