The expert Council on economy and entrepreneurship of the Youth Parliament under the Duma of the Russian Federation identified the main vectors for economic policy of the country in respect of the blockchain technology. The relevant bills I plan to introduce in March, but the laws themselves make by July 1, according to the decree of the President of the Russian Federation Vladimir Putin.
The new legislative initiatives include the definition of criteria for industrial mining, the participation of individuals in the pools, the mechanism of state support the establishment of an expert center and a single registry of projects of ICO and also the legal procedures of buying and selling of crypto-currencies and the national currency.
It is also expected the review and amendment of existing laws and existing laws. In particular, experts point to the shortcomings of the projects of the Central Bank (“About alternative ways of attracting investment (crowdfunding”), and the Ministry of Finance (The”digital financial assets”). For example, the proposal of the Central Bank cut off from participation in the ICO on the territory of Russia non-profit organizations and branches of foreign companies.
“The initiative requires significant improvement. Otherwise, the law will result in an outflow of investment from the country in connection with the establishment of strict requirements as to investment platforms, and investors and ICO projects. In addition, the new regulatory framework should not contain rigid requirements to the participants of the stock market. There should not be restrictions on the amount of investment of amounts contributed by the investor,” commented bill senior lecturer at Financial University under the Government of the Russian Federation Venera shaydullina.
In turn, the draft law of the Ministry of Finance prohibits barter with the involvement of cryptocurrency between individuals and legal entities, which according to experts can bring to the outflow of investments from the country. The results of the meeting of the Council was a proposal to legalize “the holding of barter transactions, the subject of which is a cryptocurrency, on the basis of contracts under civil law”.
According to the Chairman of the Duma Committee on financial market Anatoly Aksakov, delays in the development of legislative base in the field of cryptocurrencies due to contradictions between the Central Bank and the Ministry of Finance. “The Central Bank opposes the legalization of this form of digital currency, as in this case, citizens can begin to actively invest in cryptostroma, without considering the possible risks,” — said the Deputy.
Approval of the legal status of digital assets concerns not only the sphere of state regulation and the business sector. Recall that shortly before the meeting of the Expert Council of the absence of a legal definition of crypto-currencies became the basis for refusal by the court to the inclusion of cryptocurrency in property of the debtor.