A group of deputies led by the head of the financial market Committee Anatoly Aksakov submitted to the State Duma the draft law «On digital of financial assets», which provides a definition of a cryptocurrency token, smart contract mining and deals with the digital currency.
In the document, which is posted on the website of the state Duma, tokens and cryptocurrencies are defined as property in the electronic form is created using cryptographic tools, and highlights that digital financial assets are not legal tender in Russia.
Anatoly Aksakov said that the key difference between cryptocurrency and token is that the token is issued by one Issuer, and cryptocurrencies of a single Issuer is missing.
«The bill expressly stipulates that these assets are not legal tender on the territory of Russia», – he stressed.
The authors of the bill propose to legislate a new type of contract entered into by the parties in electronic form – smart contract, fulfillment of obligations on which is performed using digital financial technology.
Mining is defined as activities to create a cryptocurrency and (or) the validation of its creation with the aim of obtaining rewards and recognizes entrepreneurial activities.
To combat money laundering and the financing of terrorism, all cryptocurrency transactions will be offered through the exchange operators digital of financial assets, which can only be a legal entity.
With the aim of protecting unqualified investors the draft law provides for the granting to Bank of Russia the authority to establish limits on the amount of the acquisition of tokens by persons who are not qualified investors, stated in the explanatory note to the bill.