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How to pay bitcoin: The RF Ministry of Finance is going to adjust the Crypto currency

The main thing from the bill, according to which the bitcoins will be mined and buy tokens will not be so easy

The Ministry of Finance of Russia has prepared a draft federal law, which for the first time gives such definitions as “crypto-currency”, “token”, “mining” and lay the foundation for the legal regulation of the digital assets sphere.

The document contains several innovations that determine the future rules of the crypto-currency market. Unlike the initial position of the presidential administration, according to which virtual currencies and tokens should be classified as securities, the bill of the crypto currency is defined as property.

studied what has changed in relation to the crypto-currencies, and what has remained the same in the draft law of the Ministry of Finance.

Mining – Entrepreneurship

In the text of the bill, mining is defined as entrepreneurial activity. This automatically makes private mining unlawful, since all persons carrying out entrepreneurial activities must be registered – as legal entities or as individual entrepreneurs.

Violation of this provision entails administrative responsibility.

Crypto currency is not money

The draft Ministry of Finance adheres to the original position of the Russian authorities, according to which digital financial assets (crypto-currency and tokens) are not a legal means of payment in the territory of Russia. This situation is separately underlined in Article 2.

Thus, the bitcoins will still not be able to buy anything. However, they can now be legally exchanged for other things, gifted, bequeathed.

These assets are legalized through the concept of “other property” and are defined as “property in electronic form”. Thus, the crypto-currencies will become the object of civil rights and the Russian court will be able to disassemble the right of ownership of them.

The same article states that the protection of the rights of participants in a smart contract is similar to the rules for an agreement concluded in electronic form .

Exchange – only through a special operator

Transactions with crypto-currencies under the project are possible only through the operator of exchange of digital financial assets. Such an operator can be, firstly, only a legal entity. Secondly, the document defines an exhaustive list of such persons:

The operator has the right to open a digital wallet only after the customer identification procedure .

Restriction on the issue and purchase of tokens

The project establishes a rule according to which persons who are not qualified investors will be able to purchase tokens in the amount of not more than 50 thousand rubles within one issue.

To such persons the operator will be able to transfer tokens only to a digital wallet. Also, only legal entities or individual entrepreneurs will be able to issue tokens.

Disclosure of Information on the Issuer

A person who decides to announce the release of tokens is required to disclose information not only about himself, but also about the ultimate beneficiaries and transaction validators (including the name, surname, patronymic and residence – if they are individuals).

The issuer is obliged to announce the goals of the release of the tokens, and if the money is supposed to be directed to a certain project, then publish the business plan of the project and specify the terms of implementation.

What is important is that before the offer is published, tokens can not be advertised or offered in any other way.

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