The Ministry of Finance presented a bill on mining and cryptocurrencies

The Ministry of Finance has published a preliminary version of the draft law on the regulation of cryptocurrencies. It defines the values ​​of mining and cryptocurrencies for the first time and sets out the rules for issuing tokens. Here are the main points:

• It is proposed to consider cryptocurrencies and tokens as a "digital financial asset" - property in electronic form, created using encryption (cryptographic) means. At the same time, they will not be legal tender on the territory of Russia.
• Mining is equated to entrepreneurial activity in order to receive rewards in the form of cryptocurrency. This means that those involved in mining will need to register an IP and pay taxes.
• The project also spells out the procedure for issuing tokens, that is, in fact, conducting an ICO. The main limitation is that unqualified investors can purchase tokens within a single issue for a maximum of 50 thousand rubles. Transactions will be conducted through a digital wallet. Transactions with cryptocurrency can only be carried out with the participation of an intermediary.
• The Ministry of Finance believes that the legalization of digital assets will reduce cryptocurrency fraud, provide a transparent tax regime, and thus increase tax revenues to the Russian budget. Deputy Minister Alexei Moiseev, presenting the project, stated that
• Previously , it was supposed to limit the size of the maximum amount of ICO 1 billion rubles. This item is not included in the bill yet. ICO must be accompanied by a public offer, it cannot be advertised before the publication of documents.
• The project also does not include the ability to trade futures for cryptocurrencies on the stock exchange, which the Central Bank had previously opposed .
• Another controversial point was not included in the bill - about the exchange of cryptocurrency for rubles, currency or property. The Central Bank believes that such transactions should only be allowed with tokens issued to raise funding - that is, in fact, digital securities. The Ministry of Finance, on the other hand, believes that cryptocurrency transactions are too common to be banned - such a measure will lead to the growth of illegal business.
• Experts, however, are sure that the bill is unlikely to be adopted in this form, and it will be finalized, at least taking into account the comments of the Central Bank.

What do I get from this?

Now it is clear that miners will need to pay taxes, and cryptocurrency is digital property and cannot be traded on its own. Even if there is a bill that will change, the intentions of officials regarding cryptocurrencies are clear.