Russia's Regulations On Cryptocurrency Imposes Restrictions On Non-Qualified Investors - MnTrendsNews


Friday, 26 January 2018

Russia's Regulations On Cryptocurrency Imposes Restrictions On Non-Qualified Investors

Following our last write up on Russia's regulations for cryptocurrency in the nation, there is more information on what Russia's draft document on the regulation has to say on cryptocurrency.

On Wallets, the draft gave an official definition of wallets describing it as “a software and hardware tool that allows you to store information about digital records and provide access.” However, the draft law states that a wallet must be “opened by the operator of exchange of digital financial assets only after passing the procedures of identification of its owner in accordance with the Federal Law of August 7, 2001.”

A large part of the draft was dedicated to ICOs(Initial Coin Offerings). The document specified rules for selling tokens such as issuing procedures, and what documents and information should be given before sale.

For each ICO, the issuer must provide an investment memorandum containing all inofrmation that concerns the issuer and the tokens,

Quoting the document, it states; "An offer for the release of tokens, an investment memorandum, rules for keeping the register of digital transactions, as well as other documents…must be published no later than 3 working days before specified in the offer for the release of tokens."

Also, tokens  “may not be offered to potential purchasers in any form or by any means using advertising” before the publication of an offer for the release of tokens.

The draft law imposes restrictions on nonqualified investors, stating; Persons who are not qualified investors in accordance with the Federal Law No. 39-FZ of April 22, 1996 ‘On the Securities Market’ can purchase tokens in the amount of not more than fifty thousand rubles within a single issue.


What do you think of this draft law on cryptocurrencies in Russia, do you feel it is too restrictive, please let us know in the comments section below and yeah, subscribe  to our newsletter for fresh cryptocurrency news  and like our Facebook page Mntrends Blog. And in case you missed the last post, read it here

1 comment:

  1. Bitcoin usage could take the russian government's tight grip on the economy away by rendering its presence useless by adopting the private currency.
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