Bitcoin Updates

''Bitcoin Updates''

The Russian government is in the process of finalizing the federal law for the regulation of cryptocurrencies and initial coin offerings. The draft law has now been officially published. It regulates the creation, issuance, storage, and circulation of cryptocurrencies.

                                                                Legal Crypto Definitions

The Russian government has officially published the draft federal law entitled “On Digital Financial Assets” which regulates cryptocurrencies in Russia.

This draft law was introduced by the country’s finance ministry at the end of December. It was followed by much discussion and amendments to the bill before it was finally released to the public on Wednesday. Article 5 of the document states that “This federal law shall enter into force 90 days after the date of its official publication.” According to the document:

This federal law regulates the relations arising in the creation, issuance, storage and circulation of digital financial assets, as well as the exercise of rights and performance of obligations under smart contracts.

The draft law provides Russia’s official cryptocurrency-related definitions for the first time including the definition of cryptocurrency, tokens, smart contracts, crypto exchanges, and mining.