The State Duma of Russia Adopted the Bill on the Cryptocurrency Sphere in the First Reading

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On May 22, the State Duma of Russia examined new laws on the cryptocurrency sphere and adopted them in the first reading. According to the new legislation, the cryptocurrency is defined as a form of ownership, on the basis of which the peculiarities of the interaction of legal entities with the sphere of the crypto-currency and Blockchain are determined.

As it became known, the draft law “On Digital Assets” was developed last year. Since then, the document has been pending in the Russian parliament and should be finalized no later than July 1. The bill concerns not only the cryptocurrency but also smart contracts, mining, and ICO:

“These specifications determine that both cryptocurrency and tokens constitute property, identifying key differences between cryptocurrency and tokens on the basis that there is a single issuer (for tokens) or a variety of issuers/ miners (for cryptocurrency), as well as emission goals. In this document it is directly determined that digital financial assets do not constitute a legal method of payment within the territory of the Russian Federation.”

During the hearing in the parliament, the bill was adopted, receiving the votes of 410 deputies.

It is worth noting that the Government of the Russian Federation has repeatedly expressed doubts about this draft law. The Kremlin, in turn, drew attention to the need to create a legislative base for the system of taxation of the currency, and also the regulation of foreign investors’ access to the ICO on the territory of the state.

The bill caused a wave of criticism from Russian businessmen connected with the cryptocurrency sphere. Igor Sudet, who is a member of the expert group on cryptocurrency, is confident that the new laws can lead to the fact that no one will want to work in this area in Russia.

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