This morning a group of deputies led by the head of the financial market Committee Gennady Aksakov has introduced in the state Duma the draft law “On digital of financial assets”. The document was placed in the database of the lower house of Parliament. We met with the contents and chose the most important points.
The details of the bill on the cryptocurrency in Russia
The text of the bill has increased and now contains nine pages. To inspect the internals of a PDF file can the link.
The law regulates relations that arise in transactions with cryptocurrencies and the performance of duties by smart contracts. For a start it leads the basic concepts. For example:
Digital transaction — the action or sequence of actions aimed at creating, issuing, circulation digital of financial assets.
Cryptocurrency — a digital financial asset that is created and integrated into a distributed registry of digital transactions by participants in this registry in accordance with the rules of the register of digital transactions.
Digital wallet — software and hardware tool that allows you to store information about digital records. A digital wallet may provide access to the registry of digital transactions.
The following article addresses the details of the issue of tokens. There’s also clarifies that the maximum amount of investments in ICO for non-professional investors will determine the Bank of Russia.
The contents of the law on cryptocurrency 2018
To create tokens, you need to publish an investment Memorandum, the offer and other documents. The requests are many. For example, the offer should contain information about the Issuer and its beneficial owner, the acquisition price of the produced token, information about responsible for Depository activity, the date of commencement of contract maximum amount to purchase tokens and more.
The investment Memorandum must contain information about the Issuer, information about the shareholders and the structure of management bodies of the Issuer and the principal purpose of token issue and directions of use of funds obtained as a result of issue of tokens. You must also specify the terms of attracting investments and the rights granted to the owner of the token.
Digital wallet opens with an exchange operator digital of financial assets only after going through the procedures of identification of the owner in accordance with the Federal law “About counteraction to legalization (laundering) of incomes obtained in a criminal way and financing of terrorism”.
In the explanatory note to the bill also have interesting details.
The bill provides for transactions to exchange tokens for rubles or foreign currency. The possibility of exchanging other digital of financial assets, as well as the procedure and conditions of such transactions will be determined by the Bank of Russia in coordination with the Government of the Russian Federation.
Swap tokens for rubles or foreign currency through an exchange operator digital of financial assets.
They can be only legal entities established in accordance with the legislation of the Russian Federation and carrying out the activities specified in articles 3, 4 and 5 of the Federal law dated 22 April 1996 No. 39-F3 “On securities market” or a legal entity which is a trade organizers in accordance with the Federal law of 21 November 2011 No. 325-Feh “On organized trading”.
The law will take effect after 90 days from the date of its official publication. Waiting for improvements, they are needed.
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