Yesterday, March 20, the state Duma has registered a bill “On digital of financial assets”. The document deals with the regulation of cryptocurrencies, mining and ICO on the territory of the Russian Federation. The placement of the bill in the database of the lower house of Parliament held by a group of deputies led by the head of the financial market Committee Gennady Aksakov.
The details of the bill on the cryptocurrency in Russia
The text of the bill has increased and now occupies nine pages. Study it thoroughly, you can by clicking the link.
The purpose of the law is to regulate relations between the parties when dealing with cryptocurrencies, as well as the performance of the duties set out in the smart contracts. The document also provides definitions of key concepts in the cryptocurrency sphere. For example:
Digital transaction — the action or sequence of actions aimed at creating, issuing, circulation digital of financial assets.
Cryptocurrency — a digital financial asset that is created and integrated into a distributed registry of digital transactions by participants in this registry in accordance with the rules of the register of digital transactions.
Digital wallet — software and hardware tool that allows you to store information about digital records. A digital wallet may provide access to the registry of digital transactions.
The following paragraph applies to ICO. It is noted that the maximum amount of investments in ICO for non-professional investors will determine the Bank of Russia.
To create tokens, you need to publish an investment Memorandum, the offer and other documents. The requests are many. For example, the offer should contain information about the Issuer and its beneficial owner, the acquisition price of the produced token, information about responsible for Depository activity, the date of commencement of contract maximum amount to purchase tokens and more.
Digital wallet opens with an exchange operator digital of financial assets only after going through the procedures of identification of the owner in accordance with the Federal law “About counteraction to legalization (laundering) of incomes obtained in a criminal way and financing of terrorism”.
In the explanatory note to the bill, too, there are some interesting details:
The bill provides for transactions to exchange tokens for rubles or foreign currency. The possibility of exchanging other digital of financial assets, as well as the procedure and conditions of such transactions will be determined by the Bank of Russia in coordination with the Government of the Russian Federation.
Swap tokens for rubles or foreign currency can only be conducted through an exchange operator digital of financial assets:
They can be only legal entities established in accordance with the legislation of the Russian Federation and carrying out the activities specified in articles 3, 4 and 5 of the Federal law dated 22 April 1996 No. 39-F3 “On securities market” or a legal entity which is a trade organizers in accordance with the Federal law of 21 November 2011 No. 325-Feh “On organized trading”.
The law will take effect after 90 days from the date of its official publication. Representatives of the Russian cryptocurrency community I hope to Refine the bill. According to them, they just need:
Now waiting for discussions of the content of the bill and improvements. I hope common proposals of the MPs and not to track up the bills for electricity.