On the question of the cryptocurrency legal regime in Russia

Development of the digital economy in Russia contributed legal regulation of the digital financial assets (crypto-currencies) turnover. Therefore, on March 20, 2018, two federal bills were submitted to the State Duma of the Russian Federation: «On Digital Financial Assets» and «On Alternative Ways of Investments Raising (Crowdfunding)», whose main task is to regulate legal relations for the issuance and circulation of crypto-currency. These draft laws contain such fundamental definitions as: crypto-currency, tokens, a digital wallet, a smart contract, and also provide procedure for carrying out the activities by Operators of investment platforms and raising investment persons. However, projected laws have certain shortcomings which require elimination. Among such shortcomings author points out lack of independent definitions of investor, qualified investor and accredited investor; absence of the state insurance mechanism for the investments; lack of responsibility for the activities of Operators of information platforms and raising investments persons in case of disclosure of confidential information about investor and his transactions, etc. In this regard, author concludes that bills submitted to the State Duma of the Russian Federation require serious methodological refinement. Therefore, author works up proposals that will improve the quality of bills and the entire mechanism for the circulation of digital financial assets.