The Finance Ministry and the Central Bank of the Russian Federation on Thursday at a meeting of the Public Council under the Ministry of Finance presented a draft law on the regulation of the use of digital technologies in the financial sector. The current bill mainly concerns the ICO, and the rules for the circulation of the crypto currency will be discussed later. The final version of the draft law on the regulation of crypto-currency Russian President Vladimir Putin instructed to prepare in the first half of 2018.
“We have divided the concepts of crypto-currencies and tokens, since tokens and ICOs contain the idea of investing. Our task as a state is to make the investment order legally transparent and protected for investors. We want to clarify the rights and obligations with the Ministry of Finance to ensure that the company that carried out the ICO was responsible to investors from whom it takes money, “said the first deputy chairman of the Bank of Russia Skorobogatov.
In addition, she noted that first of all the authors set themselves the task of introducing, if not all, most of the concepts, so that it would be possible to somehow navigate in a new and complex topic, using concepts fixed in jurisprudence. The colleague was supported by Deputy Minister Moiseyev. He found the project adequate and reported that the regulation of the ICO described in the draft is the minimum necessary, because the authors of the bill did not set a goal “to regulate everything”.
Further, several lines were devoted to mining, proposing to define it as an entrepreneurial activity and, as a consequence, to impose taxes on it, regardless of the volume of production of the crypto-currency. Nevertheless, Deputy Minister Moiseev noted that the final decision on this and a number of other issues will not be taken by him, but by the Federal Tax Service. Also, Moiseyev suggested that it would be possible to carry out transactions for the purchase and sale of crypto-currencies on exchanges that have a license for trading.
At the end of the speech, the deputy minister noted that it is not advisable to create a cryptor as it can only be done by completely refusing to issue emissions by the Central Bank, but in this case the state will not be able to ensure the proper level of transaction reliability.
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