Russia, before the end of the year, will present a draft law for cryptocurrencies and ICOs
Russia will present on December 28 a draft of a law to regulate cryptocurrencies and ICOs and strengthen the security of users.
It seems that Russia is getting to work on regulating cryptocurrencies. According to the Chairman of the State Committee of the Duma, Anatoly Aksakov, next Thursday, December 28 of this year, he will launch a draft of the bill to regulate cryptocurrencies in the country. This regulation, according to the local press, considers ICOs under a consideration similar to crowfounding, with a limitation on the amount of money that investing users can make. Cryptocurrencies will be regulated as property. The proposal will be in the form of law and will talk about all cryptocurrencies, not one in particular.
According to Aksakov, this does not have to be the final version of the regulatory norm, since it must be reviewed in order to be approved. The most important point is in the regulation regarding the financing of ICOs, since it is at the point where frauds are usually given to vulnerable users, who take it as an investment and who are usually easy prey for scams. If the text that regulates cryptocurrencies is approved, it could be implemented as of March 2018.
This is not the latest version, the latest version will be discussed in the next few days. The ICO is considered an element of crowfounding, and the focus is that investors should limit themselves in the amount they invest. Until now, there will be a meeting with a narrow circle, there will be a final evaluation before the presentation of the bill, without names, without Bitcoins, without Ethers, all cryptocurrencies will be property. Anatoly Aksakov has said.
The account regulations have been developed in conjunction with the Central Bank of Russia and the Ministry of Finance. Aksakov says that this law is important, to protect users who want to invest, to avoid problems and possible fraudulent ICOs. He also adds that they will not have any additional tax, since they are a financial instrument and "their circulation should not be aggravated by the added value."
