Bill Regulating Crypto Industry in Russia to be Presented in a Week

December 21, 2017

Bill Regulating Crypto Industry in Russia to be Presented in a Week

The upcoming bill on digital currencies will be presented on December 28, 2017. At the moment it defines cryptocurrencies as property, without dividing it into Bitcoin, Etherium, etc. Head of the State Duma Committee suggests not imposing VAT on cryptocurrencies, as "property is a financial instrument, its circulation should not be subject to VAT". ICO is considered as crowdfunding, with a single investor's holdings limited.

Aksakov noted that the adoption of this bill was likely to occur in March 2018. The deputy considers that the main problem related to cryptocurrencies is that their popularity is growing daily, so more and more people are acquiring them, and, consequently, the risk of fraud increases. He is convinced that it is necessary to give those who wish to an opportunity to legally use cryptocurrencies and provide maximum protection to users of this areas as soon as possible.

The Central Bank of the Russian Federation and the Ministry of Finance of the Russian Federation participate in drafting the bill.

 

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