On may 22, the deputies of the state Duma of the Russian Federation, as expected, approved in the first reading the draft Federal law “On digital of financial assets” issued by the Ministry of Finance. According to “Medusa”, the bill was supported by 410 deputies, one voted against.

The document equates the cryptocurrency of the property in digital form, which may not be legal tender on the territory of Russia, and also establishes the order of conducting operations with them, including through smart contract, defined as an electronic contract.

Transactions on buying and selling cryptocurrencies, the bill requires to make it through a special exchange offices. Users will get their own account and a digital wallet, but will not have his private key. The order of the accounts in “exchange” to be developed by the Central Bank.

Note that currently the treatment of cryptocurrencies in the Russian legislation is not regulated.

Recall that in may ForkLog published a detailed interview with a member of the state Duma expert Council on digital economy and blockchain-technologies Igor Adcom, which explained why after the adoption of the draft law “On digital of financial assets” no one will want to ICO in the Russian Federation.