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Russian lawmakers decided to rewrite draft norms on crypto-currencies

The terms "digital currency" and "digital money" are decided to be excluded from the documents.

14.Jun.18 1:30 AM
By Shawn Highstraw


Russian lawmakers decided to rewrite draft norms on crypto-currencies
The adoption of laws regulating the crypto-currency market in the Russian Federation seems to be postponed. The matter is that the authors of the projects decided to revise the texts of the proposed norms and to exclude some of them from them. In particular, we are talking about the concepts of "digital currency" and "digital money".

As the head of the State Duma Committee on the financial market Anatoly Aksakov said above, used as a synonym for crypto currency in everyday use, will not exactly get legislative consolidation. According to him, "virtual money" will be considered as "digital rights", which can be exchanged.
The parliamentarian also added that the legislation will define the investment platforms and crowdfinding, as well as the rules of state regulation of their activities.

In accordance with the drafting bills, the token will be considered a digital law, the bases of existence of which will be prescribed by experts of the Central Bank. It is assumed that there will be no separation of coins for utility token and security token, typical for the US regulatory framework.

Another important point will concern taxation. At the moment lawmakers are discussing the issue of amending the Tax Code of the Russian Federation. Most likely, "digital rights" will be considered not as property, but as a fundamentally new type of property rights.

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