On Oct. 25, RUS GVT published law on currency mining and NGOs.
RUS GVT published law 349-FZ on amending certain acts of the Russian Federation in regards of regulation of relations in the field of digital currency mining and regulation, formation as well as the use of target capital of non-profit organizations.
Key Points
Specifically, the published law is aimed at improving the legal regulation of relations in the area of formation as well as the use of target capital of non-profit organizations.
For these purposes, in particular, it is envisaged that it will be possible to extend the period within which donations are collected to form the endowment capital.
It will also increase the period for the transfer by a NGO of real estate received by it to replenish the endowment capital to the trust management of the management firm.
It is also established that the period for which endowment capital is formed may be extended by a decision of the highest governing body of the non-profit organization.
In addition, the published law also optimizes the legal regulation of the audit of reports related to the endowment capital of non-profit organizations and income from it.
The law clarifies the legal regulation of relations in the field of digital currency mining.
Effectiveness
The law enters into force on Nov. 1, 2024 but certain articles of the law enter into force on Mar. 1, 2025.
