25 Jan 2018 14:03

Cryptocurrencies, coin can only be exchanged for other assets via special operators - bill

MOSCOW. Jan 25 (Interfax) - Cryptocurrencies, coin and other digital assets, can only be exchanged for other assets via accounts of digital financial asset exchange operators, the corresponding bill, published by the Finance Ministry says.

Deputy Finance Minister Alexei Moiseyev had previously said that cryptocurrency trading operations in Russia could be approved only for companies with the relevant licenses to set up such trades. This could be any commodity exchange, simply an exchange, central counterparty clearing or anyone on the market with this license.

The bill said that exchanges of digit assets for qualified investors will only be conducted through a special account, opened by a digital assets operator which owns an e-wallet. The management procedure for such accounts will be set by the Central Bank, the bill said.

The document, as announced earlier, will define various digital assets and terminology related to the sector. The bill will also introduce a 50,000 ruble restriction on unqualified investors who invest in digital assets. Moiseyev has already spoken about such restrictions.

The document defines the rules for holding an initial coin offering (ICO) and the requirements for a public offering, at which investors are offered this type of digital asset. If the list of coin owners is conducted by the issuer independently, then it will be obliged to pass on a copy of the public offer to the depository. The bill sets out a requirement for an investment memorandum for ICOs.

Mining cryptocurrencies is defined in the law as a business activity. Moiseyev had earlier said that this means mining is allowed for both companies and individual entrepreneurs.

The bill says that only one issuer can place a certain type of coin.

Russia currently has no regulations concerning cryptocurrencies and ICOs.