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.