The Russian government has issued a formal opinion on the draft law “On digital of financial assets”. As previously reported, the Cabinet of Ministers has supported the state Duma the document “subject to its revision for the second reading, in accordance with these observations”.

In particular, the government considers insufficient provisions associated with smart contracts and legal relations associated with the turnover of cryptocurrency. In the opinion of the Cabinet, requires clarification of the definition of tokens and crypto-currencies, and the difference between them.

In addition, the government “considers it necessary to clarify the definition of the proposed concept of “mining”. The bill provides that mining will apply to business activities unless the person carrying it, for three consecutive months exceeds the limits of energy consumption. The Cabinet believes this criterion is insufficient.

“The government considers it appropriate to expand the list of criteria against which the subject can be recognized by a person engaged in mining because the energy consumption does not give an unambiguous basis for such a conclusion”, — stated in the document Cabinet.

It also noted the need for appropriate changes in the tax legislation and the introduction of the simplified identification of owners of digital wallets.

The Cabinet considers necessary the introduction of mandatory monitoring of transactions in crypto-currencies in the amount equal or exceeding 600 thousand rubles.

“However, the absence of a mechanism establishing the owners digital of financial assets and the persons responsible for the operation of the systems digital of financial assets not will oppose the criminalization of this sphere and use named assets in illegal ways, and also to protect the appropriate ownership rights”, — stated in the opinion of the Cabinet.

We will remind that the head of the state Duma Committee on financial markets Anatoly Aksakov earlier expressed confidence that the law on cryptocurrency can be adopted before the end of Parliament’s spring session in may-June.