The Russian state Duma adopted in the first reading three draft laws on the regulation of cryptocurrencies and ICO

The state Duma unanimously adopted in the first reading the draft laws «On digital of financial assets», «On attracting of investments using investment platforms» and «digital rights».

We will remind, on March 20 in the lower house of the Parliament a group of deputies headed by Chairman of the Committee on financial market Anatoly Aksakov was first introduced two bills on March 26 was made paper by the speaker of the state Duma Vyacheslav Volodin and the head of the Committee of the lower house of Parliament on legislation and state construction Paul Krasilnikova «About digital rights», which involves the introduction of amendments to the Civil code.

Bills:

  • introduce the concept of «digital law», the owner of which is a person with unique access to the digital code or symbol used to perform actions on a digital right;

  • secured a new contract concluded in electronic form – smart contract.

  • recognize the property of the cryptocurrency and tokens, but does not recognize their legal tender on the territory of Russia;

  • set the sequence of actions necessary for the implementation of the procedure of issue of tokens;

  • define the concept of token: it is a cryptocurrency asset that is issued by a legal entity or individual entrepreneur to attract funding;

  • determine that the investment platform will be managed by operators, the amount of own funds which exceed 5 million roubles (the operators may be banks or non-Bank financial institutions).

  • determines that the release token is performed on the basis of a public offer, the content of which is defined by the bill, and also reinforces the need for additional disclosure by the entity that issues the tokens.

According to Anatoly Aksakov, has yet to finalize the definition of mining, defining indicator which at the moment is power consumption.

He also said that the miners should be included in the FTS register and pay taxes. The MP has proposed to introduce for the first two to three years a moratorium on taxation in order to legalize the business.

«We believe that miners should be included in the FTS register and pay taxes. For the legalization of business, it is my opinion, at first, maybe two to three years a moratorium on taxation, if it is a small business, small volumes, — the simplified system of taxation. Big business – ordinary taxation, income tax, maybe VAT,» said the official.

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