The Ministry of Finance has published the text of the bill on …

The Ministry of Finance has published the text of the bill on …

The Ministry of Finance published the text of the draft law on cryptocurrencies

The Ministry of Finance of the Russian Federation on its website published the text of the draft law it is preparing on cryptocurrencies or, as it is called in the edition of the department, “On digital financial assets”.

In the document, digital financial assets are understood as cryptocurrencies and tokens. The Ministry of Finance notes that they “are not legal tender on the territory of the Russian Federation”.

At the same time, the draft law provides the wording of the concepts of digital transaction, register of digital transactions, mining, smart contracts, etc..

Legislators qualify mining as an entrepreneurial activity, and to protect the rights of participants in smart contracts, they propose to use the principles applied to protect the interests of the parties to electronic contracts.

A separate part of the document is dedicated to ICO or “token issuance”. Unqualified investors have the right to purchase tokens within the framework of one ICO for an amount not exceeding 50,000 rubles, the bill says. Tokens purchased by such investors will be credited to accounts opened for them by cryptocurrency exchange operators, that is, legal entities registered in the prescribed manner. Tokens purchased by qualified investors can be credited to accounts registered in their own names.

It is assumed that the organizers of the ICO will publish a public offer, which will include information about the issuer and its beneficiary, but only if this information is available, as well as the price of the issued token and other information.

The Ministry of Finance has published the text of the bill on ...

Separately, it is noted that before the publication of the offer, ICO organizers have no right to conduct an advertising campaign.

Holders of digital tokens are invited to be allowed to exchange them for other tokens, foreign currencies and rubles through registered platforms in accordance with the rules of the Central Bank. The tokens of unqualified investors must be kept in specialized accounts, the order of access to which is determined by the Central Bank.

Recall that the Ministry of Finance intends to submit the bill to the State Duma by the end of February this year. According to the order of the President of the Russian Federation Vladimir Putin, all the necessary work to prepare for the regulation of the cryptocurrency market should be completed by the government and the Central Bank by July 1, 2018.

The Ministry of Finance has published the text of the bill on ...

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