The staff of the State Duma of the Russian Federation announced a tender for a study which should identify the fundamental approaches to the legal regulation of the use of blockchain technology in the market of Finance.

Conditions of tender published on the procurement website, and also indicates the amount the machine can pay for the implementation of the study — 7 011 610 rubles. Applications will be accepted from March 19 to 10:00 on 10 April 2018.

In the state Duma noted that in the Russian legislation there are no such terms as “cryptocurrency”, “mining”, “ICO”, “token”, etc. Therefore, authors of future studies should take this into account.

So here’s what legislators expect from future research.

Goals and objectives

The study should produce proposals create a unified strategy for regulatory application of the blockchain technology and implementation applicable in the Russian market of international practices regulation of derivatives applications of this technology.

In pursuit of this goal, the researchers must perform a series of tasks, which include analysis of legal concepts formation of different methodologies, assessment of possibility of application of foreign experience, development of recommendations for consistent implementation of regulation, etc.

Requirements of the study

Below are some of the requirements that apply to future work:

  • the study should be based on the main provisions of the existing regulations in this area;
  • documents developed within the framework of the study, must comply with the legislation of the Russian Federation;
  • based on the study of basic international policies (WTO, UN, OECD, FATF, Europol, the British Commonwealth of Nations, etc.) in the field of development and application of blockchain technology is necessary to identify the main legal concepts in the field of determining the legal status of its use;
  • based on the experience of the leading States engaged in the evaluation of the best experience of legal regulation of separate branches of economy, to establish a methodology for determining the best experience of legal regulation of the use of blockchain technology;
  • with the purpose of formation of the concept of best practices legal regulation of the use of blockchain technology to analyse the institutional and legislative framework, to compare with the practical experience of the leading States for regulation of blockchain technology in the financial market (including foreign exchange market, securities markets, banking and insurance);
  • etc.