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Putin instructed to legalize crypto-currencies in Russia by July 1, 2018

Miners will be registered and taxed.

The Russian president approved a list of instructions on the results of the meeting on the use of digital technologies in the financial sector, held on October 10, 2017. In total, there are five such instructions, and they cover the main issues of legalization of crypto-currencies.

The Government and the Central Bank are to prepare amendments to the legislation providing for the definition of such concepts as “digital mortgage”, “crypto-currency”, “token”, “smart contract” before July 1, 2018. At the same time, it is stipulated that the ruble will continue to have the status of the only legal tender.

A number of requirements will be submitted to the mining process, including the registration of entities carrying out such activities and the procedure for their taxation. What kind of tax will the miners charge – at the moment it is unknown.

The presidential administration took the view that tokens are of the same nature as securities, follows from the text of instructions. At least, the relevant amendments on the possibility of placing tokens by analogy with the initial placement of securities (IPO) must be adopted in the specified period. A similar position is taken , for example, by the Securities and Exchange Commission in the United States.

By December 20, 2017, the Bank of Russia has to launch a special “sandbox” – an experimental regulatory platform for approbation of new financial technologies, and by March 30, 2018, changes must be made to the legislation ensuring the formation of a single payment space for the member states of the Eurasian Economic Union.

Earlier, the Minister of Communications and Mass Media Nikolai Nikiforov made astatement about the imminent appearance of a cryptor in Russia. In this case, the currency will not be mine, it will not be anonymous, and in general the whole system will not be decentralized.

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