Putin orders to develop ICO legislation

Vladimir Putin, current President of the Russian Federation, has ordered the Russian government and the country’s Central Bank to prepare legislative amendments that will regulate cryptocurrency circulation and initial coin offerings. As the official website of the President notes, the future amendments must view initial coin offerings similarly to the lines of initial public offering regulations.

Apart from this, the status of certain terms should be clarified. Those terms include: digital bond, cryptocurrency, token, smart contract. But the ministers must not forget that ruble is the only legal tender in the Russian Federation, the orders note.

Putin is aware of miners’ existence as well, and he suggests to tax them as economic entities and establish the means of their registration. A fintech sandbox environment is additionally recommended to establish. All described amendments must come into effect no later than July 2018.

One can already guess that miners’ taxation will be the most controversial amendment and expect an angry reaction from the Russian cryptocurrency community.