The Ministry of Finance of the Russian Federation recognized crypto-currencies as digital financial assets that are not considered legal means of payment on the territory of the country. Also, the authors of the bill proposed to equate mining with entrepreneurial activity and restrict individuals to purchase tokens through the ICO by 50 thousand rubles. The Ministry of Finance presented the draft federal law "On Digital Financial Assets". The document is published on the official website of the department. The Ministry for the first time presented its definitions of key terms for cryptology, including the concepts of tokens, mining, smart contracts, and blocking (the distributed registry of digital transactions). The Office equates digital financial assets with "property in electronic form", but does not recognize it as a legal tender in the territory of the Russian Federation. To the category of digital financial assets, the Ministry of Finance includes crypto currency and a token. The Finance Ministry considers the Smart Contract a variant of the contract in electronic form, which is regulated in the same way as other contracts of this kind. As expected, the officials were equated to business activities.

On the taxation of miners, the document says nothing, but earlier representatives of the department noted that the procedure would not be different from the procedure established for entrepreneurs and legal entities. A separate point of the federal law is devoted to the primary location of tokens (ICO). According to the document, unqualified investors can purchase tokens for no more than fifty thousand rubles in one issue. All companies that conduct ICO in Russia will need to submit a public offer document, which will describe all the details of the forthcoming transaction.

Original article: Russian Ministry of Finance published a bill on crypto-currencies.