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Russia Legalizes Cryptocurrency Trading

Russia has become one of the first countries to legalize cryptocurrency trading.

Staff Reporter Jan 28, 2018

Russia has become one of the first countries to legalize cryptocurrency trading, according to a news published by TACC. The news also says that the draft law on the regulation of digital assets was published contrary to the disagreements of the financial department with the Central Bank of Russia.

From the news:

MOSCOW, January 25. / TASS /. The Ministry of Finance of Russia has published the draft law "On Digital Financial Assets" regulating their issue and turnover. The draft law, in particular, defines tokens that are issued to attract financing, and establishes the procedure for conducting ICO (Initial Coin Offering), and also determines and establishes the legal regime for crypto-currencies and their mining. The latter are the subject of disagreements between the Ministry of Finance and the Bank of Russia, but the authors of the bill are confident that the inclusion of crypto-currency in the legal regulation of digital assets will reduce the risks of violation of the law and increase the transparency of the tax regime, which as a result will lead to an increase in tax revenues to the budget of the Russian Federation.

"According to the bill there is a disagreement with the Bank of Russia regarding the possibility of exchanging crypto currency for rubles, foreign currency and / or other property." According to the Bank of Russia, these transactions should be allowed only with respect to tokens issued in order to attract financing, " The Ministry of Finance.

Staff Reporter
Staff Reporter

Staff contributor of Jumpstart Blockchain covering blockchain and related topics.

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