Russian Government Published Crypto Regulation Bill

The Ministry of Finance of the Russian Federation published draft "On Digital Financial Assets" bill
25 January 2018   685

The Ministry of Finance of the Russian Federation published the text of the draft law on cryptocurrencies prepared by it, or, as it is called in the office's edition, "On Digital Financial Assets".

Under the digital financial assets in the document are meant cryptocurrencies and tokens. The Ministry of Finance notes that they "are not a legal means of payment in the territory of the Russian Federation".

These are keynotes of the document:

  • Operators of cryptocurrency exchanges must be registered as legal entities and comply with federal laws "On the securities market" and "On organized trades".
  • Mining is an entrepreneurial activity.
  • Cryptocurrency and token are types of digital financial asset.
  • A smart contract is a contract in electronic form.
  • The organizers of the ICO should disclose information about the beneficiaries, the location of the issuer, information about persons performing custodial activities, the rights of the holders of tokens and the procedure for their implementation.
  • Unqualified investors are allowed to buy tokens, but the amount is limited to no more than 50,000 rubles. (around 900 $)
  • The exchange of crypto-currencies and tokens is allowed for other crypto-currencies, rubles and foreign currencies only through stock exchanges registered in Russia.

There is no information on cryptocurrency taxation in the Bill. 

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   110

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.