Russian Regulations Bill

Marcin Iwański
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In January, the Ministry of Finance of the Russian Federation (Minfin) releases the Digital Assets Regulation Bill.

Right now, the Russian government is discussing possible changes in the draft law.

Regulations

Digital Assets Regulation Bill is a document which establishes the regulatory system for cryptocurrencies. Mining, trading and ICOs are the primary targets of the new regulation system. First of all, the bill defines cryptocurrencies as digital financial assets. Those assets are not the legal form of payment in Russia.
Once again government wants to protect investors and new regulations will reduce the risk of fraud. Another important aspect which Digital Assets Regulation Bill will define is financial transparency, which probably will increase tax income of the government. To secure investors and cryptocurrency users, Minfin allows trading via authorized cryptocurrency exchange operators.
In regards to ICOs, tokens are allowed to be issued, but there are some restrictions.
Like issuing tokens by legal entities in the case of fundraising or
ICOs issuers must release legal documentation which shows, issuer’s full name, physical location, official website and token’s price.
Also, non-licensed investors cannot invest more than 50,000 rubles (~$880) in each ICO.

Changes

Russian officials, during a meeting of the Ministry of Economic Development of the Russian Federation, proposed some changes in the Digital Assets Regulation Bill.
The proposed changes relate to the tenfold increase in the limit of the maximum investment in ICO, from 50,000 to 500,000 rubles (~$880 to ~$8800).
The officials also suggested that local investors should be allowed to register on foreign cryptocurrency exchange platforms to have a possibility to buy crowdfunded tokens from abroad. Foreign investors should be also allowed to invest in ICO projects which will be conducted in Russia.

There are a lot of changes and regulations everywhere and it is good to see that global governments have started to regulate cryptocurrencies, and not only talk about banning them.

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