First Bill on Cryptocurrency and Token Regulation Was Introduced in the Russian Duma

Published on 01 Dec. 2017

The first bill draft on the regulation of the decentralized digital property – cryptocurrencies and tokens – was brought to the Russian Duma. Its creators are the autonomous non-commercial organization “Right of Robots,” the companies “Voronkov Ventures” and Heads Consulting. They suggest creating a state cryptocurrency exchange and make cryptoruble its main currency. The government and the Central Bank of the Russian Federation have been already working on the regulation of this market, but the representatives of State Duma think that it is important to see “different positions,” informs "Kommersant".

However, at the moment, Russian regulators are skeptical about the cryptocurrencies, not supported by the central governments. Earlier, Minister for Communications and the Media Nikolai Nikiforov during the event “Youth Forum” told journalists that to his opinion Bitcoin probably would not be legalized on the territory of Russia. As for the creation of the national regulated cryptocurrency – cryptoruble – this perfectly fits into the government’s plans. 
On November, 29 the draft was directed to the head of the Financial Market Committee Anatolii Aksakov and the head of the expert council on the Legislative Provision of Financial Technologies Martin Shakuuma. The information was provided by the CEO of ANCO Nikita Kulikov.  

The project describes the principles of cryptocurrency and token circulation, defines the legal state of its members and mechanism of the initial public token placement (ICO). Besides this, the authors offer to provide the country with the right to create a cryptocurrency exchange, where the cryptoruble will be the primary currency, and it can be exchanged for ordinary rubles. They also suggest taxation of such operations as cryptocurrency and token exchange to the foreign currency. 

Anatolii Aksakov says that this is the first bill draft of its kind, and earlier no such initiatives have been directed to the Committee on Financial Market. He specified that he had asked the members of the market to prepare their propositions on the legislative regulation of cryptocurrencies on the meeting of the expert council on November, 24. One should remind that a month earlier the president of the RF Vladimir Putin has assigned the government to work out a bill on cryptocurrency regulation, which should include requirements for the miners’ registration, and the application of laws about securities for the ICO. 

According to the Mr. Aksakov’s words, qualification of the cryptocurrencies as a digital property is a “proper direction,” it will be taken into account. The government and CB also work on the regulation bill, but the market may have another approach, and it is essential to have different ways, noted Aksakov. And added:

I’m skeptical about cryptoruble. The creation of exchange is discussible as well. 

He noticed that maybe it’s better to define the requirements for the similar existing platforms more clearly instead of creating the separate state exchange. 

Martin Shakuum reported that the expert council had received several dozens of propositions concerning, for instance, the definition of notions “blockchain” and “cryptocurrency.” Among them were the representatives of business, scientific communities, and public organizations, including “Business Russia” and Russian Cryptocurrency and Blockchain Association, however, there were no comprehensive recommendations.  

Also, Martin Shakuum noted that despite the fact that he hadn’t yet got acquainted with the bill draft, he was skeptical about the idea of cryptoruble:

Not a single country has yet released a national cryptocurrency; altogether, this idea is more than questionable. 

CEO of GoldMint Dmitrii Plushchevskii agrees that the document raises a lot of questions and is still “quite raw and even populist.”

 “There is no point in creating state exchanges. There is a Moskow exchange, and cryptoruble could be traded there. If the state wants to limit the risks of the ordinary citizens to bathe a some Bitcoins and go bankrupt, it should just impose restrictions on the cryptocurrency trading so that only professional brokers could do that,” – he commented.  

As we’ve written earlier, in Ukraine, two regulation bill projects had been introduced in the Verkhovna Rada as far as October, but they didn’t receive the support of the National Commission on Securities and Stock Market.  


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