Russian Deputy Minister of Finance Alexei Moiseev believes that the law on cryptocurrency can be passed by the State Duma in the second reading in the next two weeks.
According to Moiseyev, the deputies will consider two bills:
- crowdfunding (regulates ICO);
- on digital financial assets (regulates the circulation of virtual currencies).
The bill was developed on the instructions of the President of the Russian Federation Vladimir Putin. The document defines cryptocurrency concepts, for example, “mining”, “token”, “digital transaction”. According to the Chairman of the Financial Market Committee Anatoly Aksakov, the regulatory act is aimed at ensuring the legal protection of citizens who use digital assets.
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The current version of the bill states that the procedure for issuing tokens during an ICO should consist of two stages:
- publication of the terms of the purchase of coins (public offer) and investment memorandum;
- conclusion of a contract for the purchase of tokens (in the form of a smart contract).
In the public offer you will need to specify information about:
- blockchain startup;
- custodian provider;
- cryptocurrency costs;
- date of conclusion of the contract;
- payment procedure;
- maximum allowable purchase amount.
The investment memorandum will include information about the company issuing tokens, the project objectives and the timing of its implementation, as well as the rights of owners of the digital asset. This document must be signed by the CEO of the company.
The Russian law on cryptocurrencies allows to exchange coins for fiat currency only through licensed operators. The Central Bank will establish the terms of transactions for the conversion of virtual currencies and monitor their compliance. Providers of the cryptocurrency storage service will be required to identify users before opening the wallet.
Aksakov said that consideration of the law was postponed due to the new requirements of the Financial Action Task Force on Money Laundering (FATF), designed to tighten control over the circulation of cryptocurrencies to counter the legalization of illegally acquired incomes. Moiseev stated that the document is now prepared for the second reading.
The portal of the State Duma indicated that from March 20, 2019, the regulatory act is located in the Financial Market Committee. The decision to submit the document for consideration by the State Duma will be made after the publication of the opinion of the Legal Department. If the deputies vote for the initiative in the second and third readings, the law will have to pass in the Federation Council and only after that will be signed by the president.
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