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Russia's New Bill on Regulating Cryptocurrencies

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On Thursday, the Russian Finance Ministry has published on its official website a new draft law “On Digital Financial Assets.” It is a legislative proposal to strictly regulate cryptocurrencies and ICOs. The main points are:

– all trading to be done only via cryptocurrency exchanges that are registered in Russia.

– cryptocurrencies cannot be used as means of payment for goods or services.They can only be converted into money or other digital assets.

– no anonymity.

– smart contracts will be recognized as being legally binding and Initial Coin Offerings (ICOs) will be strictly controlled with only businesses registered in Russia allowed to issue them.

– individual unaccredited investors cannot purchase more than 50,000 rubles ($898) worth of ICO tokens per each issue.

– digital wallets are subject to registration in the real name of their respective owners in accordance with the federal law against money laundering.

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