[2018-05-24] Russian Duma Adopts Three Crypto Bills on First Reading

[moriskarlov]

Russian State Duma has approved its first reading of the long-awaited legislation package regulating crypto-related matters and activities. The legal texts, voted almost unanimously, will open the way for legalization of cryptocurrencies in the Russian Federation, including their exchange and circulation under certain conditions. Deputies now have about two weeks to propose amendments before they proceed to final adoption of the three bills.

The Bills Regulate Crypto Assets, Crowdfunding and Digital Rights

The lower house of Russia’s parliament, the Duma, has accepted and approved on first reading three pieces of legislation tailored to regulate different aspects of the crypto ecosphere in the country. This week, the bills – “On Digital Financial Assets,” “On Attracting Investments Using Investment Platforms,” and “On Digital Rights” – hit the house floor. All of them were voted almost unanimously, the Russian Association of Cryptocurrencies and Blockchain announced on social media.  Some interesting ideas, like tax breaks, have been pitched already during parliamentary discussions.

The first two drafts were introduced on March 20 by a group of deputies led by the chairman of the Financial Market Committee, Anatoly Aksakov, while the third one, which amends the country’s Civil Code, was filed on March 26 by the speaker of the Duma, Vyacheslav Volodin, and the head of the parliamentary Legislation Committee, Pavel Krasheninnikov.

The new legislation incorporates legal concepts like “digital right” and “smart contract” and defines cryptocurrencies and tokens as property, not as legal tender. It establish the sequence of actions in a token sale and the rules governing ICO projects. The texts form the basis for legalizing crypto mining but the legal definition of this economic activity will be expanded and refined between the two readings. Other amendments may be introduced in the next couple of weeks. Some proposals, including a moratorium on the taxation of miners, have been discussed in parliament already.

More info - https://news.bitcoin.com/russian-duma-adopts-three-crypto-bills-on-first-reading/

[PSL]

Thank you, great news! Russia is trying to adjust its economy in accordance with global trends - the development of blockchain and crypto-currencies. Also, the new laws will detail the legislative framework of mining.

[Leyss]

This is a concrete action to pass laws, and not just a statement of conflicting opinions about the crypto currency. However, I think that no miracle will happen. These are laws with curtailed citizens' rights in the crypto currency. However, at least the fact that the crypto currency can be recognized in Russia as a property is already of positive significance. The second positive point is the regulation of ICO projects, and it is quite detailed and generally excludes the possibility of fraud on the part of its team, as everything will be conducted through banks and controlled by the relevant authorities.