The draft law on the regulation of cryptocurrencies in Russia saw the light

© RIA Novosti / Vladimir Astapkovich in fotobasketball bitcoinThe draft law on the regulation of cryptocurrencies in Russia saw the light© RIA Novosti / Vladimir Astapkovich the image Bank

The Ministry of Finance and the Central Bank on Thursday introduced a bill to regulate the use of digital technologies in the financial sector, his presentation was held at the meeting of the public Council under the Ministry of Finance.

The final version of the bill on the regulation of cryptocurrencies, according to the instructions of Russian President Vladimir Putin, should be prepared in the first half of 2018.

The bill provides definitions for cryptocurrency mining (mining of crypto-currencies), token (digital asset that the investor receives in exchange for money) and ICO (procedure for the initial placement of tokens). For example, the crypto-currency project is a digital financial asset that is created and integrated into a distributed registry of digital transactions by participants in this registry in accordance with the rules of the register of digital transactions.

As explained by Deputy Finance Minister Alexei Moiseev, the draft law mainly concerns the ICO, and the rules of cryptocurrency circulation will be set later.

However, Finance Minister Anton Siluanov, after reviewing the document, proposed to amend it. «Watching the draft law, it is very framework. In fact, as in the textbook, provide an explanation of the terminology and everything. It seems to me that the law must provide regulation of the activities, which we are now considering…. It must be a full-fledged law. I think that it is much deeper to work out the theme of regulatory mechanisms and much deeper approach to this law,» he said.

The first option

First Deputy Chairman of the Bank of Russia Olga Skorobogatova, Deputy Minister Moiseev believe that the bill its purpose is to give the market the conceptual apparatus is achieved.

«Our task, first and foremost, to introduce, maybe not completely, but at least most of the definitions and concepts that we could operate in the financial market and the legal rights and responsibilities enshrined in law the concepts of», — said Skorobogatova.

Moses agreed with his colleague and found the project to be adequate. «Our regulation is very adequate, minimum required», he said, noting that the purpose of the act is «to regulate».

The project will help make the investment process more transparent through the ISO expects Skorobogatova. «We have shared the concept of crypto-currencies and tokens because tokens are ICO and contain the idea of investments. Our challenge as a state is to make the procedure of investment transparent legal and protected for investors. We continue with the Ministry of Finance want to clarify the rights and obligations to the company, which was carried out by the ICO, were responsible to the investors from whom it takes money, » — shared his plans the first Deputy Chairman of the Central Bank.

Last week the Deputy Anatoly Aksakov said that the bill will be introduced in the new year, and at the end of March can be adopted. The law was intended to legalize the purchase of cryptocurrency and to protect citizens from fraud.

Mining as business

During the presentation it became clear that a few lines in the bill and given to mining, which is defined as entrepreneurial activity. Consequently, entrepreneurial activity can be enjoyed either individual entrepreneurs or legal entities, explained Moses.

Since mining in the document is defined as entrepreneurial activity, according to the Deputy Minister, it does not require separate regulation and will be taxed under the current legislation for entrepreneurs.

The minimum threshold volume of mining from which this activity will be taxed, set is not expected. He noted that the final decision will be taken by the IRS, and was assured that the service to this question is a reasonable approach.

Moiseev suggested that to buy and sell «nominingue» will be on the exchanges. Speaking at the public Council, the Deputy Minister noted that now there is a concept that buying and selling crypto-currencies must be done through organizations that have any license for the right realization of the auction. He explained that it can be any commodity exchange or «just exchange».

National and supra-national cryptocurrency

In Russia for some time already discussing the possibility of creating a national digital currency, cryptolabs. However, neither the Finance Ministry nor the Central Bank currently does not see such possibility.

So, Moses at the presentation of the draft law on regulation of digital assets, said that scriptoral to create the impractical. According to him, cryptool can be done only by abandoning the principle that the emission produced by the Central Bank. He also noted that in this case the state does not provide the level of reliability of transactions.

Skorobogatova shares the view of the Deputy Minister. On the sidelines of the meeting, she told a journalist that the introduction of a national digital currency the Bank of Russia does not seem quite justified from the point of view of macroeconomics population.

At the same time, the Bank of Russia may discuss with colleagues from the EEU and BRICS the possibility of creating a supra-national digital currency. As noted by the first Deputy Chairman of the Central Bank, it is possible that 2018 will be dedicated to exploring approaches to the possibility of issuing such a supranational digital currencies.