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The new edition of the law on the crypto-currency in Russia excludes the concept of "mining"



From the draft law "On Digital Financial Assets" prepared for the second hearing in the State Duma of the Russian Federation, the concepts of "mining" and " crypto-currency " were deleted, although in the earlier version of the document, mining was understood as the production of crypto-currency, which is a kind of digital asset.

Now, mining in the Russian Federation is seen as the issue by Russian or foreign legal entities and individual entrepreneurs of tokens to attract investment in capital. Moreover, the issue of tokens should be provided by the property of the issuer or third parties and accompanied by the preparation of a special resolution on emissions.

The sites for the placement of digital financial assets, under a new document, will be obliged to obtain a license of the professional participant of the securities market, to identify and keep records of customers and to provide access to these data at the request of state bodies or the bankruptcy administrator. In addition, the exchanges will be included in the special register of the Central Bank. Responsible for transactions for the sale of an operator for the exchange of digital assets in rubles, foreign currency or other tokens will be determined separately.

At the same time, the current fiscal norms will apply to CFA's ministers. And in the CFA advertising, you will need to indicate the level of risk and the maximum amount that unqualified investors can buy assets.

The head of Sputnik DLT, Artem Tolkachev, who acted as an expert from the crypto industry, when discussing the bill, explained that with the help of tokens it will be possible to confirm the rights to property and participation in the company's capital or use them technically when buying and circulating digital assets. Thus, the issue of legalization of crypto-currency in the Russian Federation is actually postponed.

According to the president of the Russian Association of Crypto Industry and Blockbuster Yuri Pripachkin, the document will still be finalized, and RKIBB proposed amendments to its latest version, which should soften the framework potentially threatening the care of small and medium-sized businesses in other jurisdictions.

It should be reminded that the bill prepared by the Ministry of Finance of the Russian Federation " On Digital Financial Assets " was submitted to the State Duma of the Russian Federation in March and passed the first reading at the end of May. In June, contrary to the position of the Ministry of Finance in the draft laws on the regulation of the crypto-currency market, the State Duma of the Russian Federation replaced the concepts of "digital money" and "digital currency" with "digital rights".

Recently, Russian President's Special Envoy for Digital and Technological Development Dmitry Peskov said that the issue and circulation of crypto-currency in Russia is not yet to be resolved because of the risk of financial pyramids. Earlier he said that Russia should not be the first in the field of crypto-currency to get the opportunity to learn from other people's mistakes.