Will Russia Classify Crypto Currencies as "Digital Rights"?

Following measures to regulate previous cryptographic currencies, Russia is now taking action to determine how to classify these crypto currencies by law.

Reclassification of Digital Monetary Units as "Digital Rights"

In May a number of measures were proposed to remove the risks associated with the unorganized structure of crypto-currencies. Now Anatoly Aksakov President of the Financial Markets Committee of the Duma Parliament confirmed that the drafts are being prepared and that they can be accepted until [29459003] July 29th


Aksakov, on the issue of arranging crypto money, that they abandoned the terms "19459003", "19459004", "19459003", "19459003" and "19459003] digital currency " from the drafts. Instead, he said they would now be called "digital rights". "

" The concepts of "digital money " and " digital currency " will definitely be removed from circulation, and they will not appear anywhere in the law.

The exchange of digital rights will be allowed, but not as assets, but as rights only. Accordingly, Russian tax legislation will have to make some adjustments to comply with the amendments.

Aksakov "We will have to make some changes in the Tax Code to explain how digital rights will be handled for tax purposes.

About the Tokens and the ICOs

The Chairman of the Duma Parliament's Financial Committee also said that Russia is not a member of the United States Token is a digital law, and the Central Bank (19459004) is the first digital money provider to announce that it plans to adopt a different approach to issuing tokens via ICO continues to work with the concession that he knows. First, it is important that the ICO procedure be published and used as a security. […] The use of tokens as a means of payment, reconciliation and clearing is another step. Before moving on to this stage, it is necessary for the Central Bank to examine whether it carries a risk as a payment instrument and whether financial calculations can be made. "

Although Aksakov has clarified the issue at a certain point, many questions left the mark. For example, if these two-stage token systems are used, what if the Central Bank determines that a particular token will not be used as money? Will the project be finalized?

Nevertheless, let me remind you once again that these are still unapproved regulations. The Duma Assembly is currently discussing the inclusion of these regulations into national legislation.