Crypto-Currencies Finance Ministry Bill: You Need To Know

The Russian Ministry of Finance has published the draft law "Digital Financial Assets" published on its website, among which the definition of Russian crypto currency, token, mine and IOC is given for the first time.The law is intended to "constitute the development, problem, storage and circulation of digital financial resources, as well as the responsibility of liability under the Smart Agreement and the relationship without performance".How the government treats ICO: 5 major positions

The basic provisions of the law "digital financial resources"

• Digital financial resources are "encrypted (cryptographic) means the property in electronic form", that is, crypto-currency and tokens.
• Crypto-currency, and tokens are not a valid way to pay.
• Change token or currency currency for crypto currency Only special exchange will be available. According to the law, they are called "digital financial resources exchange operator". Operator can be a legal entity registered in Russia and under Act No. 39-FZ "Securities Market" or No. 325-FZ "organized tender".
• Purse Cable Laws Commission on Crypto-Exchange 115-FZ can be opened after user identification process according to "Criminal Incoming and Legal Countering of Terrorism Financing".
• Mining is considered as an entrepreneur activity.
• The law establishes rules for ICO management. Entrepreneurs will publish a proposal and disclose information about the beneficiaries of the project, as well as the rights of investors.
• Users who do not have a status of a competent investor will not be able to invest more than 50 thousand rubles in an Icon.
• The amount of investment invested by qualified investors and the amount of money that can be attracted by ICO is not limited by law.

At the end of October, the Russian President Vladimir Putin ordered the government XCOXX to prepare the amendment of the law for the control of ICO and mining by July 1.Russia's bank was not ready to prepare crypto-coin and any financial instruments related to them with the organized trade in Russia's regional region at the beginning of September.According to Arnest and Young, among the top three of the Russian fund raising amount through the IOC, the amount of attraction was $ 310 million.