The State Duma in the first reading adopted three bills on the regulation of cryptocurrencies

On May 22, 2018, the State Duma of the Russian Federation considered bills: «About digital financial assets», «On attracting investments using investment platforms» and «About digital rights». During the voting, they were all adopted in the first reading..

Recall that the reviewed bills were developed to regulate cryptocurrencies, tokens, ICOs, infrastructure and entities associated with this area. At the meeting, all bills were adopted by an absolute majority of those present..
Anatoly Aksakov, party deputy «Fair Russia», presented bills «About digital financial assets» and «On attracting investments using investment platforms».

The draft Federal Law sets standards for the creation, storage and circulation of digital financial assets, requirements for investment platforms, qualifications of market participants and restrictions for unqualified investors, tax rules and conditions for recognizing mining as a business. Also, the basic concepts are established: smart contract, mining, cryptocurrency, token, digital transaction and others..

Russian Duma Adopts Three Crypto Bills on First Reading

However, the speaker said that the conceptual apparatus and norms require further refinement. In particular, Anatoly Aksakov said that discussions are underway regarding future norms. In his opinion, in the first two or three years it is necessary to introduce a moratorium on taxation, and then develop a system that will distribute the business related to cryptocurrency and mining to groups according to uniform indicators..

Pavel Krasheninnikov, party deputy «United Russia», introduced a bill «About digital rights». It says that, in addition to regulating basic rules, smart contracts will receive legal recognition. However, the speaker noted that digital money was excluded from the document, since there are serious discussions on this issue and there are about 20 working groups that have different opinions. He also stated that the conceptual apparatus requires serious refinement and consultations with many experts are needed to establish the correct norms..

The State Duma in the first reading adopted three bills on the regulation of cryptocurrencies

Although the acts establish that cryptocurrency and tokens are property and can be exchanged for any product, work or service, they directly indicate that digital financial assets are not legal tender on the territory of Russia.

Recall that Russian Railways are thinking about using cryptocurrency.

text: Ivan Malichenko, photo: State Duma 

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