The new bill, regulating crypto as a property was accepted in the first reading of Russian parliament.
The bill is planning to settle the conditions under which the creation, issue, storage, and utilization of digital assets is taking place. Parliament is defining the main terms in the crypto world such as digital transaction, validation of digital entry, mining, token and smart-contract.
The bill was taken into consideration after the initiative by the president of Russian Federation, who expressed the interest in digital assets after the Economic forum of 2017.
The new bill secures the new type of agreement that is established in digital form – smart contract. Smart contracts undergo the security agreement between parties in the digital form.
To create the conditions for the safe storage of the electronic property, the parliament introduced the term ‘’digital wallet’’ in the bill. In addition, for the security purpose, all the potential investors will be divided into categories, in order to prevent the losses for the people, who are not able to afford those.
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