Russia provides the guideline for cryptocurrency regulatory legislation . Indeed, this will influence the countries such as Korea who are hesitant to legislate the cryptocurrency related law. We have to pay attention to the fact that the paragon of the definitions and transaction procedure including ICO are set by Russia who is also negative to cryptocurrency, no other than US.
The following are the summary of the news:
- Cryptocurrency is defined as “a type of digital financial asset created and accounted for in the distributed registry of digital transactions by participants in this registry in accordance with the rules of maintaining the registry of digital transactions.
2 .As for mining, it is deemed “an entrepreneurial activity aimed at creating a cryptocurrency and / or validation in order to receive compensation in the form of a cryptocurrency.”
- Holders of digital financial assets have the right to make transactions for the exchange of digital financial assets of one type for digital financial assets of another type and / or the exchange of digital financial assets for rubles, foreign currency and / or other property only through the exchange operator of digital financial assets.
- An offer for the release of tokens, an investment memorandum, rules for keeping the register of digital transactions, as well as other documents…must be published no later than 3 working days before specified in the offer for the release of tokens.
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