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Russian Ministry of Finance publishes draft law on digital assets and ICOs

The Russian Ministry of Finance has published a draft federal law on the regulation of digital assets and token offerings, CoinDesk reported.

It defines digital asset as “property in electronic form, created using cryptographic (cryptographic) means. Ownership of this property is certified by making digital entries in the register of digital transactions. Digital financial assets include crypto currency, token. Digital financial assets are not a legal means of payment in the territory of the Russian Federation.”

The ministry has outlined a set of prerequisites for both, the issuer of tokens and the investors interested in participating in these initial coin offerings (ICOs).

According to the proposed law, persons who are not licensed under the country’s securities law “can purchase tokens in the amount of not more than fifty thousand rubles within a single issue.” Licensed investors, however, don’t have any such investment limit.

The token issuers, on the other hand, would be required to disclose key information such as the full name of the ICO organizer, the official project website and network provider, the purchase price of the issued token or the procedure determining it, among others.

The draft law could prohibit promotional activities prior to a token sale. It states (loosely translated):

“Prior to the publication of an offer for the release of tokens, the tokens that are issued may not be offered to potential purchasers in any form or by any means using advertising.”

Reports floated last month that the Finance Ministry has prepared a draft law on regulation of cryptocurrencies such as bitcoin. The draft is now required to pass legislative bodies including the Russian State Duma and Federation Council in order to become a law.

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