Bill On Digital Assets Tabled In Russian Parliament

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A legislation that will act as a basis to regulate cryptocurrencies, Initial Coin Offerings (ICO) and crypto mining in Russia was introduced in the country's parliament on Tuesday.

The official website of the State Duma says the Bill on "Digital Financial Assets" was introduced by a group of deputies led by Anatoly Aksakov, as per the instructions of President Vladimir Putin.

The Bill gives definitions to cryptocurrency, token, digital recording, digital transaction, mining, distributed register of digital transactions, digital wallet, etc.

It clearly states that the digital assets are not a legal means of payment in Russia.

It also creates conditions for attracting investments by Russian legal entities and individual entrepreneurs through issuing tokens.

On the ICOs, the draft of bill says the release of tokens should be carried out through a public offer.

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If the Bill is passed, private individuals and legal entities conducting token sales will be required to disclose specified information about their ICOs.

The Bill was tabled after resolving a dispute between the Bank of Russia and the Ministry of Finance regarding who will have the final say in cryptocurrency trading in the country.

The final authority in this matter rests with the Central Bank, Russian media quoted Deputy Finance Minister Alexei Moiseev as saying.

The Bank also holds the power to establish a limit on the amount of investments in tokens for unqualified investors.

Moisev said that the Bill is aimed at enhancing the use of modern digital technologies to stimulate investment in various projects. It also aims to attract investment through crowd-funding, while protecting investors from fraudsters.

The Duma will consider draft laws in the first reading in April.

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