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The bill on digital assets, which is planned to be introduced to the State Duma, includes the creation of a special exchange where it will be possible to exchange cryptocurrencies for fiat currency, said Deputy Minister of Communications Alexei Kozyrev.

 

“We proposed to create a platform, conditionally speaking, a stock exchange, where you could turn crypto assets into a currency, declare your income and pay taxes accordingly, operations on this exchange will be transparent for the state. Such a design is laid out in the draft law.” Said Alexei.

 

According to him, the concept of the draft law also presupposes the separation of industrial activity in mining from small-scale retailing. “Technical requirements for ensuring safety will be established for industrial volumes,” the deputy minister said. He added that mining is an energy-intensive industry and often significant volumes, industrial volumes of energy consumption do not meet basic safety requirements.

 

As the head of the Duma committee on the financial market Anatoly Aksakov said at the beginning of the year, the draft law on digital assets can be submitted to the State Duma not earlier than February. “We do not expect it until February, if the bill is introduced by deputies, and if it is the government, then it is possible that in March it will be accepted,” he said.

 

At the end of December 2017, at a meeting of the public council under the Ministry of Finance, a draft law on the regulation of digital assets was presented. As explained by Deputy Finance Minister Alexei Moiseyev, mining in it is defined as entrepreneurial activity.

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The draft law provides that cryptocurrencies, tokens and other digital assets can be exchanged for other assets only through the accounts of the operator of the exchange of digital financial assets. The exchange of digital assets for qualified investors will be carried out only through a special account opened by a digital asset operator who owns a digital purse. The procedure for maintaining such accounts will be established by the Central Bank of Russia.

 

Also, the draft law fixes a limit of 50 thousand rubles for unqualified investors who invest in digital assets.

 

In a commentary on the project, the Ministry of Finance said that the ministry and the Central Bank have disagreements on restricting the exchange of cryptocurrencies to rubles and other assets, Interfax reports. The message said that according to the Bank of Russia, the possibility of exchanging crypto-currency for rubles, foreign currency and other assets should only be for tokens issued for the purpose of attracting financing.

 

Though the crypto market is still relatively new and lacks many of the traditional institutions of a civilized market, there are projects on the market that seek to indemnify or mitigate the associated risks that investors take when deciding to invest in projects. Cryptics is one such project that seeks to offer the necessary instruments for alleviating the situation with uncertainty. The concept behind it is to support market participants by providing liquidity on exchanges and a safety cushion for retail investors by creating a platform that connects market players and develops algorithms to predict changes in the value of cryptocurrencies. Such instruments based on highly advanced scoring models involving machine learning and AI are incomparable with human intuition that even the luckiest and most prudent investors could ever be endowed with. The multitude of factors involved in predicting a cryptocurrency’s rise or fall are all taken into account by the algorithms that Cryptics employs. Investors should consult such projects as the expense is well worth the ensured profit and peace of mind.

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