Key takeaways

• On 25 January 2018, the Russian Ministry of Finance, the Russian Ministry of Economic Development and the Bank of Russia presented their bills on the regulation of cryptocurrencies, smart contracts, ICOs and crowdfunding in Russia.
• According to the text of the bills, the Bank of Russia seems to take a significantly more rigorous position than the Ministry of Finance or the Ministry of Economic Development proposing tighter rules on cryptocurrencies and tokens circulation and lower thresholds on investments that can be solicited through ICOs.
• Under the proposed regulation, cryptocurrencies and tokens will not be a legal medium of payment in Russia; their exchange and circulation will be subject to certain limitations.