A team of Russian deputies headed by Anatoly Aksakov, Chairman of the Condition Duma Committee on Financial Marketplaces, submitted a draft of federal regulation on cryptocurrencies and Initial Coin Choices (ICO) polices to the Condition Duma, as documented in an official press release March 20.
In accordance to the press release, the files “On Electronic Financial Assets” and “On Choice Approaches of Fundraising (Crowdfunding)” have been well prepared in accordance with the current recommendations from president Vladimir Putin, stating that cryptocurrency polices will become regulation by July 1, 2018.
The monthly bill “On Electronic Financial Assets” was 1st introduced on Jan. 25 by the Russian Ministry of Finance. It defines cryptocurrencies and tokens as digital economical property, letting trading only by way of authorized cryptocurrency exchange operators, and creating Know-Your-Shopper (KYC) polices for ICOs.
The existing version of the doc acknowledges digital property as home, stressing that it is not a legitimate signifies of payment on the territory of the Russian Federation.
In accordance to economical professional Veselin Petkov, the existing version of the monthly bill “On Electronic Financial Assets” has one particular essential difference from the one particular proposed by the Finance Ministry in January.
The existing version establishes KYC polices for customer id verification on crypto exchanges. In accordance to Petkov, the new legislation would echo the US necessities for cryptocurrency exchanges, in that it would also require the verification of customer accounts for Anti-Dollars Laundering (AML) and Counter Terrorist Financing (CTF) applications.
On Feb. 24, Bit-cointalk documented that practically 13,000 Coinbase customers’ info was handed over to the US Inner Profits Service (IRS). On Dec. 27, 2017 one particular of the major crypto exchanges, Poloniex, declared that they will require all accounts to become confirmed.
The Russian monthly bill proposes the subsequent necessities for operators of cryptocurrency exchange:
“A digital wallet is opened by the operator of a digital economical property exchange only following passing the identification treatments of the operator in accordance with the Federal Legislation “On combating revenue laundering and terrorism funding.”
There is also a difference regarding ICOs in the new version of the monthly bill. In contrast with the previously proposed 50,000 rubles ($900) as a highest quantity of expense for unqualified buyers, the monthly bill now implies that the highest restrict will be defined by the the Central Bank of the Russian Federation (CBR).
In January Bit-cointalk documented on a disagreement in between the Ministry of Finance and the CBR, who disagreed about whether or not cryptocurrency trading ought to be approved. In accordance to Ria Novosti, the disagreement has been finally settled, and now the CBR is in demand of cryptocurrency exchange in the place.