Russia cracks down on digital assets

Russia is doing its best to ignore or simply tear down innovations. In January this year, the State Duma made public a draft law concerning digital financial assets and basically put paid on them. The document contains noticeable white spots making the new law vague and ambiguous. Here are the fundamental points it affects:

  • Cryptocurrency and tokens are now called “digital assets”. Rights to them must be verified by some “validator” and entered in the “digital transactions register.”
  • ICO has never been easy to launch but apparently from now Russia won’t see any at all. Those who take risk will have to go through paper mountains and even sign a treaty with each investor. Purchasing tokens won’t be easy either – there’s a maximum amount to be obtained, and we wish we knew it. 
  • Token exchange will be centralized and surrounded by another bunch of paperwork. 
  • Miners are now taxed – but only those who exceed the limit. However, the actual limit is not named. 

These and some other aspects are listed on the official website of the Ministry of Finance. This time the government didn’t bother to pay attention to experts’ opinion, but we all hope that one day the document will be improved and cover all sides of the virtual assets fairly. 

#russia #law #assets #ico #token #mining #regulation