Translated material
The Ministry of Finance proposed an option for regulating cryptocurrencies
The Ministry of Finance of Russia published the draft law "On Digital Financial Assets". As conceived by officials, the document will have to regulate relations arising “during the creation, issue, storage and circulation of digital financial assets, as well as the exercise of rights and the fulfillment of obligations under smart contracts.”
The document, in particular, defines the concepts of "mining", "token" and "cryptocurrency".
Mining is an entrepreneurial activity aimed at creating a cryptocurrency and / or validating it in order to receive a reward in the form of a cryptocurrency.
Cryptocurrency is a type of digital financial asset created and accounted for in a distributed register of digital transactions by participants in this register in accordance with the rules for maintaining a register of digital transactions.
A token is a type of digital financial asset that is issued by a legal entity or an individual entrepreneur in order to attract funding and is recorded in the register of digital records.
The draft law states that only legal entities can be the operator of the exchange of digital financial assets. Investors will be able to purchase tokens in the amount of no more than 50 thousand rubles within one issue.
President Vladimir Putin instructed the government to develop legislation to regulate the use of digital technologies in the financial sector, October 10, 2017.
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