Regulation of ICO and Cryptocurrencies in Russia Likely to Be Adopted in Autumn

Published on 29 Jun. 2018

State Duma of Russia had to adopt the projects “On digital financial assets” and “On crowdfunding” in the second reading until June. The previous edition of these laws was approved back in May. However, the adoption of these laws is likely to be postponed until autumn - some questions require more detailed investigation and expertise. The information was revealed by Anatolii Aksakov, the head of the Financial Markets Committee, in his interview with RIA “Novosti.”

The topic is quite complicated, actually, very complicated. Right now, we are still intended to adopt this project during the spring session, but there are doubts, so I don’t exclude the possibility of postponing it for autumn,

 - Aksakov explained.

The Ministry of Finance of Russia passed these projects to Duma as early as March to set the legal basis for the digital financial assets and attracting funds via investment platforms. Both market members and industry representatives had criticized the project, but since then, the government managed to solve many problems and specify critical definitions.

Commenting on the problems that the legislators face, Aksakov added:

Blockchain by its nature is a transborder phenomenon. Take Bitcoin, for instance: we can set the normative rules, but they won’t work. That’s why it is vital to understand our area of influence, to specify all aspects, and only then to work out the legislative basis which will set the game rules and provide the adequate protection of investors.

He also repeated that there were a lot of discussions around the primary definitions. Russian legislators couldn’t decide whether cryptocurrency was the property or the property rights. In May, the minister of Justice of the RF Aleksandr Konovalov stated that the digital assets had the property status, but the case wasn’t solved yet.

Aksakov believes that the laws “On digital financial assets” and “On crowdfunding” will be adopted together with introducing the digital rights. The first project defines digital assets such as cryptocurrencies and tokens and codifies a smart contract as the new type of the legally obliged contract. The second project has to regulate the procedure of fundraising through the investment platforms and introduces the notion of digital right.

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