The Ministry of Finance of the Russian Federation has submitted for consideration a new draft law on cryptocurrency

The Ministry of Finance of the Russian Federation has submitted for consideration a new draft law on cryptocurrency

The new bill, which was submitted to the State Duma in the end of December 2017, aimed at regulating information technologies (in particular, crypto-currencies) in the financial sector of the country.

According to Alexei Moiseyev, is a framework document, i.e. the text needs to establish a definition of cryptocurrency and as such describe the main provisions of its regulation.

This task was set before the main governmental body of the Russian President. The bill must be approved before July 1, 2018.

Why do we need a law on the regulation of digital currency

The first new legal document will focus on the protection of all participants of the Russian financial market. Before him in Russia was only talking about bitcoin, but no serious steps towards regulation were taken.

Any transactions with tokens are speculative, so the risk of investing in this area is enormous, and without proper regulation at the legislative level, the state will not be able to help investors in case of strong fall in the value of cryptocurrencies (one need only recall the dramatic collapse of the bitcoin when its value at 20 thousand dollars has fallen to 10 thousand).

The main provisions of the new bill

  • All participants of the cryptocurrency exchanges will have to register as a legal entity. This will allow the government to increase control over committed with the tools of the exchange transaction which will reduce the risk of pronounced speculation and money laundering. Registration in tax bodies oblige all members of kryptomere to operate in accordance with the texts of the Federal law "On securities market" and Federal law "On the organization of trading";
  • The second item in the bill, which requires close attention is ICO. It was proposed to make him a kind of investing. Speaking more clear language, the ICO want to make mikroinvestitsy. In this case all investors will have to disclose important information — the purpose of fundraising, project description, etc. for the ICO to impose some restrictions. The first is the maximum amount of funds that you can draw with the help of investors. Now consider the sum of 1 billion rubles. Second - for non-qualified investors will specify a limit on the maximum investment amount is 50 000 rubles;
  • Another point will make mining a type of entrepreneurial activity. This allowed mine cryptocurrency will be exclusively to legal entities and individual entrepreneurs. This paragraph in the new law will prohibit the creation of technological tools for mining at home. In addition, all miners have to pay tax, as do other businessmen;
  • The following important but yet vague point of creating a national cryptocurrency. The Central Bank of Russia and Ministry of Finance do not exclude the possibility of the emergence of domestic digital currency, but most likely, if it appears, it is not soon. Now the experts give a negative view on this issue.
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