As a result of pressure from the authorities to regulate cryptocurrencies, Russia is looking to finally classify them legally.
According to the head of State Duma Committee Anatoly Aksakov, cryptocurrencies will be considered as “digital rights“. He announced that the proposed regulations on crypto assets in Russia might be adopted by July 29.
“Digital rights” rather than “cryptocurrencies”
Regarding the regulation of cryptocurrencies, Aksakov revealed that the authorities exclude the idea of “cryptocurrency”, “digital money“, and “digital currency“, indicating that they were abandoned from drafts. Instead, cryptocurrencies will be recognized as “digital rights“.
“The concepts of “digital money” and “digital currency” will definitely disappear from circulation, they will not appear anywhere in the legislation. […] We will remove the term “crypto-currencies,” stated Aksakov.
Note that digital rights will not refer to assets. Thus, the Russian fiscal legislation will be obliged to adapt to amendments. “We will need to change something in the Tax Code to describe how digital rights will be taken into account for tax purposes,” explained Aksakov. “That is, digital assets will be considered not as property, but as a new type of property digital rights.”
The issue of tokens will undertake changes
In addition to the crypto regulations, Russia is planning to adopt new legislation on the issue of tokens via ICOs.
“Token is a digital law, and as it continues to operate it is the prerogative of the Central Bank. First, it is obviously for the ICO procedure to be issued, used as security. […] As for the use of the token as a means of payment, settlement, exchange – this is the next stage, after testing, when the Central Bank examines whether this instrument carries a risk as a means of payment, calculation for the financial system,” explained the head of State Duma’s Financial Committee.
Surprisingly, the answers given by Aksakov have created a new wave of doubts. Note that the State Duma has yet to analyze the situation and eventually introduce the new changes in legislation.