Russia: State Duma Considers Law ‘On Digital Financial… | News

A gaggle of Russian deputies headed by Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, submitted a draft of federal regulation on cryptocurrencies and Initial Coin Offerings (ICO) rules to the State Duma, as reported in an official press release March 20.

According to the press launch, the paperwork “On Digital Financial Assets” and “On Alternative Methods of Fundraising (Crowdfunding)” had been ready in accordance with the recent instructions from president Vladimir Putin, stating that cryptocurrency regulations will turn into regulation by July 1, 2018.

The invoice “On Digital Financial Assets” was first launched on Jan. 25 by the Russian Ministry of Finance. It defines cryptocurrencies and tokens as digital monetary belongings, permitting buying and selling solely through approved cryptocurrency trade operators, and establishing Know-Your-Customer (KYC) rules for ICOs.

The present model of the doc acknowledges digital belongings as property, stressing that it’s not a reputable technique of fee on the territory of the Russian Federation.

According to monetary professional Veselin Petkov, the present model of the invoice “On Digital Financial Assets” has one key difference from the one proposed by the Finance Ministry in January.

The present model establishes KYC rules for buyer identification verification on crypto exchanges. According to Petkov, the brand new laws would echo the US necessities for cryptocurrency exchanges, in that it might additionally require the verification of buyer accounts for Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) functions.

On Feb. 24, Cointelegraph reported that almost 13,000 Coinbase clients’ information was  handed over to the US Internal Revenue Service (IRS). On Dec. 27, 2017 one of many main crypto exchanges, Poloniex, announced that they’ll require all accounts to turn into verified.

The Russian invoice proposes the next necessities for operators of cryptocurrency trade:

“A digital wallet is opened by the operator of a digital financial assets exchange only after passing the identification procedures of the owner in accordance with the Federal Law “On combating money laundering and terrorism financing.”

There can be a distinction regarding ICOs within the new model of the invoice. In distinction with the sooner urged 50,000 rubles ($900) as a most quantity of funding for unqualified traders, the invoice now means that the utmost restrict will probably be outlined by the the Central Bank of the Russian Federation (CBR).

In January Cointelegraph reported on a disagreement between the Ministry of Finance and the CBR, who disagreed about whether or not cryptocurrency buying and selling ought to be accepted. According to Ria Novosti, the disagreement has been lastly resolved, and now the CBR is in command of cryptocurrency trade within the nation.

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