On October 29, 2026, Kirill Grechishkin, a lawyer in KKMP’s Digital Technology Practice, spoke at the session “The Hidden Becomes Apparent: New Regulations on Digital Rights and Cryptocurrency” at the CIFRAPRAVA forum organized by Pravo.ru.
The session also featured representatives from leading market participants, law firms, and the Bank of Russia.
The central topic of the discussion was the reform of digital asset regulation—the adoption of Laws No. 282-FZ and No. 283-FZ (we previously analyzed the key changes in detail in our overview).
In his presentation, Kirill examined the main trends in the digital rights market before and after the reform:
- Digital rights have already become a working tool in the financial market—largely due to a simplified legal framework for issuance compared to traditional securities, as well as their flexibility and the ability to tailor the instrument to a specific business objective.
- The reform took a step toward breaking down the isolation of the secondary market for digital rights within individual OISs: conditions have been created for a fully-fledged market infrastructure (digital depositories, brokers, and trading organizers), and a framework for legal access to foreign blockchains has been established.
- Another aspect of the reform is the harmonization of the legal regimes governing digital rights and securities with regard to disclosure requirements and investor protection mechanisms.
- Following the reform, a number of unresolved issues and significant limitations remain: a special tax regime for digital rights (taking into account changes regarding debt-based digital financial assets); the inability to tokenize absolute rights and claims regarding assets whose rights or transactions are subject to state registration or notarial certification; and restrictions and limits on the acquisition of certain assets by non-qualified investors.
We would like to thank the Pravo.ru team for organizing such a comprehensive program, and the session moderator and speakers for their openness in discussing complex cases and sharing practical experience.
