The bill states that cryptocurrencies are not an authorized means of payment in Russia. The draft bill mentions cryptocurrency and tokens, another form of digital money used as payment for a start-up company's services. The bill also defines bitcoin mining as an entrepreneurial activity aimed at creating cryptocurrency and/or validating transactions in exchange for payment in cryptocurrency. This could require Russian bitcoin miners to incorporate as a legal entity or register as self-employed persons offering services in exchange for bitcoin, or any other cryptocurrency. "I think ICO procedures will get rather complicated in Russia, and...local ICO projects will definitely lose many potential crypto investors," she says.

Source: Forbes January 29, 2018 20:26 UTC