Russian Finance Ministry expects the law on cryptocurrency to be adopted in September

The Finance Ministry of the Russian Federation expects that the law on the management and use of crypto currency in the country will come into force in September 2018. In the Ministry's notification at the beginning of the drawing up of a draft law, it was said that the public discussion of the document will last until February 12th.

The draft law on the regulation of digital assets was published by the Ministry of Finance on January 25th. It defines mining, crypto currency, and tokens. The Ministry of Finance also proposes to limit the maximum amount of transactions with crypto-currencies for unqualified investors. According to the bill, it will be limited to 50,000 rubles ($1096 USD) in the framework of one issue of tokens.

After the publication of the bill, the Central Bank said that it opposes the exchange of rubles or other assets to rubles, according to the Russian procedure for the primary distribution of tokens. According to the Central Bank, allowing the final beneficiary of crypto-currency to perform such exchange can potentially lead to making suspicious transactions legal.

  Russia, cryptocurrency

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