Finance Ministry of Russia draft law on cryptocurrencies regulation

Recently, Russia takes a step forward with its plans on cryptocurrencies regulation  and ICOs. Thus, to provide an accurate framework for trading in the industry.

According to Antony Siluanov, Finance Minister said in Econo Times,

“The Ministry of Finance has prepared a draft law, currently under consideration, which will determine the procedure for issuing, taxing, buying and circulation of cryptocurrency”.

Crypto will not consider as a currency

The draft will be submitting on the Dec 28th as reported by RIA Novosati, the news agency. Later, the State Duma committee’s chairman, Anatoly Aksakov said that cryptocurrencies name as “other properties”.

“There will be a final evaluation before the presentation of the bill. [Whether it is] Bitcoin or Ether, all cryptocurrencies [will be known as] other property”.

Further, the discussion is not only about the digital currency getting the regulation but also for ICOs.

Also ReadRussian will never legalize virtual currencies

Aksakov explains,

“The approach to how the ICO should be define conduct. I repeat, this is not the latest version, the latest version will be discussing in the coming days. The ICO is as an element of crowdfunding, and the approach is that investors should be limit in the amount they invest”.

Earlier, the first Deputy Chairman of the Russia’s Central Bank, Sergey Shvetsov declared that his goal of regulating ICOs will result in becoming a medium for raising capital in the country.

Moreover, July 2018, the deadline for the new crypto regulations in the country, already earmarked by Vladimir Putin, Russian President.

Thus, Aksakov highlights that the draft law is actually in the interest of crypto holders:

“The problem is that we already have a lot of people who acquire[d] cryptocurrencies and they are deceived, we need to give people the opportunity to work legally with it, to protect them as much as possible”.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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