The presentation of new laws regulating cryptocurrencies and issue of ICOs is expected in Moscow on December 28. The Russian politician Anatoly Aksakov of the Duma Committee on Financial Markets said yesterday, Thursday. Aksakov is also a member of the Council of the Central Bank of the Russian Federation.
The launch of the draft law regulating cryptocurrencies and the capital raising of companies through an Initial Coin Offerering ( ICO ) was scheduled for December 28. It will take until March next year until March next year. Last Thursday, the Duma Committee worked out the final intricacies of the bill. In advance, President Vladimir Putin had instructed the government and central bank to develop the legal regulation of cryptocurrencies, mines and issuance of ICOs by July 2018 at the latest. Therefore, according to the media, it is very likely that the new regulation will be adopted by the end of March.
The Russian news agencies RIA and TASS Aksakov reported controversial discussions with "diametrically opposed points of view." Some Duma representatives, unlike some hardliners, argue that there is nothing to regulate in terms of cryptocurrency. The bill should also set the requirements for the ICOs and the amount of maximum investment per person. This form of raising capital is viewed as crowdfunding. What that is, we explained in this post.
The trade in cryptocurrencies should also be regulated. This is to prevent that more Russians can be cheated. You have to give people the opportunity to work legally to protect them as much as possible. In addition to the central bank, the finance ministry also participates in drafting the bill. Incidentally, taxation of VAT is not provided for. Wallets filled with digital currencies will in future be considered "special property" by the Russian legislator. The consequences of this in detail are revealed at the latest after Christmas.
Expert rounds were also held in Russia on the question of introducing a national crypto-ruble . This is not to be seen analogous to the ruble and should not replace it as a means of payment. However, the Russians should be given the opportunity to legally and legally acquire such facilities from the banks. According to the politician Aksakov, the talks are still ongoing.