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The draft law on crypto-currencies was introduced in the State Duma. It almost does not differ from the document of the Ministry of Finance

Bitcoin is still not called money, and mining is considered for entrepreneurship only when energy consumption is exceeded.

The bill “On Digital Financial Assets” was introduced to the State Duma . It should establish in the legislation definitions of the assets themselves, which include the crypto currency and the token, as well as the definition of a smart contract – a contract concluded in electronic form.

The bill of deputies repeats all the main provisions of the document of theMinistry of Finance, published in January, but specifies problem issues. This is not the first bill on crypto-currencies, which is submitted to the State Duma for consideration, but so far none of them even passed the first reading.

Despite the fact that the mechanisms for regulating digital financial assets laid down in the draft law are in fact analogous to the rules for financial instruments (ICO is produced in the same way as an IPO, and tokens have stock option properties), the crypto currency in a document is defined precisely as “property in electronic form”.

The new bill repeats that crypto-currencies and tokens are property, and not a legal means of payment on the territory of Russia. However, it gives a new definition of mining.

Mining is recognized as entrepreneurial activity only when the person who is engaged in it, within three months exceeds the limits of energy consumption established by the government. The size of the limits is not called.

The document entered into the State Duma also fixes in the law the definition of a smart contract – this is an electronic contract that regulates the procedure for the implementation of digital transactions in a certain register. The draft law of the Ministry of Finance did not contain such a provision, but stipulated that the rights of participants in a smart contract are protected in a manner similar to the rules for an agreement concluded in electronic form .

The new document also clarifies the differences between the crypto currency and the token. Token is a digital financial asset issued by one legal entity (issuer). Crypto currency, according to the draft law, many issuers (miners) issue.

The bill of deputies also presupposes the issue of tokens (ICO) on the basis of an investment memorandum, but it describes it in much more detail. He clarifies that the investment memorandum is issued according to the rules of the public offer.

The bill of the Ministry of Finance established 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. The document of the State Duma deputies suggests that the limit on this amount will be set by the Bank of Russia.

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