Legal Aspects of a Smart Contract Cryptocurrency Project in Russia

As a lawyer specializing in Russian legislation, I can provide you with some insights regarding the legality of the project you mentioned. Based on the information provided, it is important to analyze the specific features and mechanics of the project in order to determine its compliance with Russian laws. While I cannot provide a definitive answer without conducting a detailed analysis, I can highlight some potential legal concerns.

Firstly, the project's structure, where participants receive daily returns based on the amount they deposited, raises questions about whether it falls under the definition of a pyramid scheme. Under Russian law, pyramid schemes are considered illegal and punishable. To accurately assess the project, it is necessary to examine its underlying structure, referral system, and the source of funds used to pay out the returns.

Secondly, the project's reliance on smart contracts and cryptocurrencies adds another layer of complexity. The legal status of cryptocurrencies in Russia is still evolving, and there are ongoing discussions and legislative initiatives related to their regulation. It is necessary to consider the applicable laws and regulations, such as anti-money laundering measures, taxation requirements, and consumer protection laws.

Furthermore, the project's sustainability and potential risks should be carefully evaluated. Projects of this nature heavily rely on new participants to sustain the returns for existing investors. Once the influx of new participants diminishes, the system may become unsustainable, posing significant risks to all participants.

To thoroughly assess the legality of the project and provide specific advice, it would be necessary to review additional details, such as the project's legal framework, terms and conditions, marketing materials, and any available legal opinions. It is also advisable to consult with a qualified legal professional who can provide tailored advice based on the latest legal developments and interpretations.

Please note that the provided response is general in nature and should not be considered as legal advice. It is crucial to consult with a qualified lawyer who can assess the situation based on the specific details and provide personalized guidance.

To properly address the issues raised, the following documents may be required: 1. Project documentation, including whitepapers, terms and conditions, and any legal agreements 2. Marketing materials, if available 3. Any legal opinions or consultations obtained by the project 4. Correspondence and communication related to the project 5. Applicable laws and regulations, including those related to pyramid schemes, cryptocurrencies, anti-money laundering, taxation, and consumer protection These documents will aid in the comprehensive analysis of the project's compliance with Russian laws and regulations.

Based on the provided information, the following articles of Russian legislation may apply:

1. Article 159 of the Criminal Code - Fraud
2. Article 172 of the Criminal Code - Illegal Banking Activities
3. Article 174.2 of the Criminal Code - Legalization (Laundering) of Monetary Funds or Other Property Obtained by a Person Through Committing an Offense
4. Article 172.1 of the Criminal Code - Illegal Business Activity

It is important to note that the applicability and potential charges under these articles would depend on the specific circumstances and investigation findings. It is advisable to consult with a qualified lawyer for a more accurate assessment based on the available information.