Russian Ministry of Finance proposes 3 legal categories for cryptocurrencies

posted 16 days ago
Russia’s Ministry of Finance is considering regulating cryptocurrencies into three distinct legal categories. The move would make it easier for the country to regulate the industry. According to Deputy Finance Minister Alexei Moiseev, the proposed categories are:

*Technical tokens (network utility tokens)
*Virtual assets (often used to transact value)
*Digital financial assets (securities)

This legislation may be included in a bill that contains other crypto-related legislation that may become law on Nov. 1, 2019. While crypto-related debit cards are legal in Russia, the finance minister said cryptocurrencies are not legal tender because they would “unfairly” compete with the Ruble.
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