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Is Russia Going To Have New Legal Categories For Cryptocurrencies?

3 min reading

According to the news released by the RNS portal, the Russian Ministry of Finance is considering the regulation of cryptocurrencies according to three distinct legal categories. These are: technical tokens, virtual assets and digital financial assets.

Alexei Moiseev, the deputy finance minister, reported this fact to the media, announcing that on Monday evening an interesting discussion panel was held at the Russian Union of Industrialists and Entrepreneurs (RSPP) concerning the topic. As a result of a great number of discussions, the group came to the conclusion that it is possible to divide cryptocurrencies into three categories: technical tokens, virtual assets and digital financial assets.

Of course, a similar division applies in many other countries. In the case of technical tokens, it is easy to notice that they are simply utility tokens. It is highly likely that Ethereum (ETHwill fit into this category. Speaking of virtual assets, Alexei Moiseev probably meant cryptocurrencies that are used to carry out transactions e.g. Bitcoin (BTC). It is worth highlighting, that in the United States this type of coins are treated as goods. When it comes to digital financial assets, on the other hand, they can be called securities as well. This group includes, for instance, tokens sold during public collection (ICO).

The deputy minister of finance underlined also the fact, that in the nearest future there will be a ban on accepting payments in cryptocurrencies for goods and services in Russia.
He argued that the ruble is their national currency and all transactions should be carried out in it.

The proposed categories of cryptocurrency division will probably be included in the new project of the Federal Assembly of the State Duma.


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