The state Duma of Russia approved in the first reading the package of draft laws regulating the cryptocurrency sphere. Laws define crypto-currencies and tokens as the property and describe the specifications of interaction with cryptocurrencies and blockchain technologies.
The draft law “On digital of financial assets”, which has been pending since last year and the deadline for consideration which falls on July 1 for cryptocurrency and other blockchain technologies, such as smart contracts, mining and ICO.
These specifications define what is and cryptocurrencies, and the tokens are the property. The key difference between them lies in the fact that the tokens have a single Issuer, and cryptocurrencies – a lot of them (miners) and in order of issue.
This document explicitly stated that digital financial assets are not legal means of payment in territory of the Russian Federation.
410 deputies approved the bill at the hearing, which was held on Tuesday, and only one voted against.
Until recently, the status of cryptocurrencies, and what will the legislators in Russia remained unclear, the Kremlin demanded more clarity on tax obligations and the ability of foreign investors to participate in Russian ICO.
As in the previous and in the current form, the bill has caused a lot of criticism from experts. For example, Igor of the Sudetenland, a member of the expert Commission of the Council on digital economy and blockchain, have even reached that stated that this legislation “nobody wants” to run ICO in Russia.