“Putin instructed by July 2018 to legally prescribe regulation ICO

The regulation is expected to be similar to how it is carried out in the primary placement of securities

Photo: TASS, Vyacheslav Prokofiev

– President Vladimir Putin following the meeting on digital technologies in the financial sector has instructed the government and the Bank of Russia by July 1, 2018 set requirements for the organization and implementation of production based on the principles of cryptography in a distributed environment registries (mining), follows from the materials of the official website of the Kremlin.

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Requirements should be established including registration of economic entities engaged in such activities. As the order by that time is supposed to determine the order of taxation of mining.

Also the Cabinet and the Central Bank will by July 1, to provide a legislative definition of a number of concepts, including “technology of distributed registries”, “digital credit”, “digital mortgage”, “cryptocurrency”, “token”, “smart contract”. As stated in the instructions, these definitions must be established “on the basis of the obligation of the ruble as the sole legal tender in the Russian Federation”.

As previously reported, the Director of financial policy Department of the Ministry of Finance Jan Pureskina said that the Ministry of Finance considers it necessary to introduce the registration of crypto currency miners and permit such activities only for legal entities and individual entrepreneurs.

The head of the Ministry Nikolai Nikiforov said earlier that in some cases owners cryptorama supposed to charge the tax to incomes of physical persons (NDFL). If the owner cannot explain the origin of cryptorama, when translated into Russian rubles, he will pay a tax of 13%. When buying and selling cryptorama the tax will be 13% earned difference.

On 10 October, Putin acknowledged that cryptocurrencies in the world gaining popularity, becoming a full-fledged means of payment, but stated that this area carries serious risks, including money laundering and the financing of terrorism.

“Crypto-currencies in some countries or become a full-fledged means of payment but also an investment asset become. However, the use of the cryptocurrency and carries serious risks, I know the position of the Central Bank”, – said Putin.

According to him, “first of all, the possibility of money laundering obtained by criminal means, tax evasion and financing terrorism, and, of course, the distribution of fraud schemes, the victims of which of course become ordinary citizens.”

Earlier, the head of Centrobanca Elvira Nabiullina has repeatedly opposed proposals to legalize cryptocurrency. In early October, she said that the Central Bank still does not support the development of crypto-currencies as payment media and considers them inappropriate legalization on the Russian stock exchange.

The head of the Ministry Maxim Oreshkin recently compared the high demand for the cryptocurrency with the most famous Russian financial pyramid MMM.

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