Anatoly Aksakov, chairman of the Duma’s state committee for financial market analysis, revealed on Thursday that the draft of the bill that would regulate cryptocurrencies in the territory will be presented on December 28 of this year.
According to the Russian press , the proposal will contemplate the regulation of the Initial Currency Offers (ICO) under a scheme similar to collective financing for crowdfunding, limiting the amount of investments that users can make. It is also mentioned that the cryptocurrency figure will be treated as a property. This project will be presented as a law that treats all cryptoactives equally without mentioning specific names of these.
Aksakov stressed that this might not be the final version of the legislation, as it still needs to be reviewed for approval. The current emphasis of regulation is on financing through Initial Offers of Currency , because in this case it is when more frauds occur among vulnerable users who expect to obtain large profits and are easy prey for fraudsters. If approved, the law that regulates the use of cryptocurrencies could be implemented as of March 2018.
The deputy also stressed that this work will involve the Central Bank of Russia and the Ministry of Finance. In his opinion, a law of this type is necessary to protect investors in the best possible way in the face of the problems that fraudulent ICOs may represent. He also said that cryptocurrencies should not be subject to VAT payment because it considers them a financial instrument and “their circulation should not be aggravated by the added value”.
The statements about the future of cryptocurrencies in the Siberian country have been given from all parts of the government and sometimes do not correspond to each other. In November, Russia’s communications and media minister , Nikolai Nikiforov, declared during a press conference that the Russian regulatory framework will “never” have laws that make bitcoin a legal tender because it is a foreign crypto currency. Although he later clarified that Russia is willing to include other “digital tokens” within its financial system, as long as they are subscribed to taxes other than VAT.
On the other hand, at the end of last month the Russian Association of Cryptocurrency and Blockchain (ARCB) announced that it would collaborate, together with representatives of 30 other countries, in the development of a standard methodology that evaluates the reliability of the proposed projects through the ICO in order to protect investors from possible scams.
Currently the Government of the Russian Federation governs the crypto-active under the first guidelines regarding the use of cryptocurrencies and ICO for the Russian financial sector, which were approved in October by President Putin.