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Breakdown: Russia will unveil Bitcoin, IOIC's draft regulation next week

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The next Russian bill on crypto-currency regulation such as bitcoin and fundraising from ICOs will be submitted on 28 December.

S Addressing Journalists Today, MP Anthony Akasov Revealed the Details of the Cryptocurrency and Country Office Bill, Currently Being Developed by the Bank Russian central and the Ministry of Finance.

Akasov, who serves as chairman of the Association of Russian Regional Banks and Chairman of the Duma Committee on Financial Markets, suggested that the bill would treat all cryptocurrencies as "other property" . an individual for the investments of the ICO.

In grossly translated statements taken from the Russian news agency RIA, Akasov said:

"Crypto-currency, up to now, is defined as another property.Today, the meeting [among regulators and authorities] remains a small circle.There will be a final evaluation before the introduction of the bill Regardless of the names, bitcoin or ether, all cryptocurrencies are [to be seen] as other properties. "

Bill likely to be adopted in March 2018

While the official confirmed that the bill will be presented to the State Duma, the lower house of the Russian Parliament on December 28, he stressed that the adoption of the bill does not Is expected only towards the end of March 2018.

The head of banking emphasized that the bill will give priority to the protection of retail investors, including those who have already "deceived" by adopting cryptocurrencies.

He declared:

"[T] The problem is that we already have a lot of people who have acquired cryptocurrences and are being deceived.It is necessary to make [the laws] people legally possible that it works, to protect them as much as possible. "

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Tax not included?

Curiously, the head of the State Duma's Financial Markets Committee also felt that cryptocurrencies should not be subject to value-added tax (VAT).

He stated:

"My opinion is that this property is a financial instrument, a financial asset, therefore, its dissemination should not be imposed on the added value."

Limits for IOIC Investors

Linking with ICO-related funding, Akasov confirmed a specific regulatory approach that will be discussed and redefined in the coming days.

He declared:

"The ICO is considered an element of crowdfunding, and the approach is that investors should be limited in the amount they invest."

After years of intransigence against crypto-currencies where the Russian Finance Ministry passed bills to ban cryptocurrencies and even imprison Bitcoin adopters, the country's authorities are in the process to speed up the regulatory framework of Russian President Vladimir Putin. These events come at a time when Putin also ordered Moscow's political and influential elite to start working on Russia's "cryptoruble," the national cryptocurrency.

Image from Shutterstock.

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