The Russian State Duma was introduced with the draft law “On Digital Financial Assets”, which defines the crypto currency and the token, and regulates their circulation. Tokens intended for primary placement and attraction of investments, like crypto-currencies, are defined as property, but these digital financial assets are not legal tender in the territory of the country.
Transactions with crypto currency are proposed to be carried out through operators of exchange of digital financial assets. Operators can be legal entities, RBC reports . This will not allow laundering of funds received illegally, as well as financing terrorists. Such an operator is prohibited from combining its activities with that of another non-lending financial institution. As noted by Regnum, banks also can not be operators of the investment platform.
The Bank of Russia proposes to authorize restrictions on the amount of acquisition of tokens by persons who are not qualified investors.
The draft law also defines the notions of “distributed register of digital transactions” (blocking technology), “smart contract”, “mining”, “digital wallet”, and also registers the ICO procedure (issue of tokens), Gazeta.ru reports . It is assumed that the mining will be recognized as entrepreneurial activity in the case when the miner exceeds the energy consumption limits set by the government for three months in a row.