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June 2018 www.intellinews.com I Page 9
remain vague, lacking specifics of the taxation of cryptocurrency mining.
Unlike cryptocurrency mining, the legislation provides much more clarity regarding initial coin offerings (ICOs), but its stipulations are unlikely to please either crypto investors or startups considering ICOs
Organizers of ICOs will have to sign agreements with every single investor, the legislation stipulates, basically suggesting an unfeasible task as crypto investors are scattered across various countries and jurisdictions.
Similarly, there have been reports that the central bank could establish a cap of RUB50,000 ($815) for a single ICO investment by a private individual.
"Lagging behind in rolling out digital technologies could lead to a decline in Russia's competitive- ness on the global arena, where regulators are in a race to accumulate technological and intellec- tual potential," Pripachkin concluded.
Russian legislators still have an opportunity
to rework the crypto legislation for the second reading, but it remains to be seen whether they are willing to do so.
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