New Russian bills, which regulate the cryptocurrency market, will be edited. According to Anatoly Aksakov, сhairman of the State Duma Committee on Financial Markets, from the documents will removed the concepts of «digital money», «digital currency» and «cryptocurrency».
«In fact, digital money will be positioned as «digital rights», which can be exchanged», — Aksakov told.
The draft laws will be rewritten in accordance with a common approach. It will provide a general definition of «digital rights», «investment platforms» and «crowdfunding platforms» and also give a full definition of «smart contracts».
Changes in terminology will relate to investors and investment sites. Investors will be legally divided into unskilled and professional.
It’s not planned to separate utility token and security token.
«The token is a «digital right». How it works decide the Central Bank. For the ICO, it will be used as a security token. Utility tokens using for a means of payment, calculation, exchange —the next stage. The Central Bank have to test the risk of this tool for the financial system», — Aksakov summarized.
