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Russia: the latest news on crypto regulation
Russia: the latest news on crypto regulation
Blockchain

Russia: the latest news on crypto regulation

By Amelia Tomasicchio - 19 Apr 2019

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The Deputy of the Ministry of Finance of Russia, Alexey Moiseev, explained, during the Economic Forum in Yalta, the latest news on crypto regulation in the country.

According to Moiseev, crypto regulation in Russia is expected to arrive next month, in May, when the Duma will review the bill on the subject.

“As I understand, the aim of the proposed law is ICO legalisation. I believe the main goal is to make the ICO—which is a very easy way to raise some capital—convenient for small tech businesses”.

During the discussion on crypto regulation, the anonymity offered by some coins, such as Monero, was also discussed.

“To be honest, I thought anonymity and cryptocurrencies were a thing of the past,” said Moiseev. “But I attended two roundtables at the Gaidar forum and there they said that these secret platforms do exist and can provide full anonymity”.

In any case, the regulation will not include a division and a glossary related to tokens or crypto, but will refer more generally to digital assets.

The downsides of Russian crypto regulation

Many people in the blockchain world in Russia are showing their disappointment at the work of the government, explaining how useless this regulation will be.

Yuriy Pripachkin, for example, President of the Russian Association on crypto and blockchain, explained that he will advise companies to move to more friendly countries such as Malta and Switzerland.

Roman Khoroshev, founder of a crypto lending platform in Russia, said:

“Undoubtedly, the central bank and lawmakers have good intentions in imposing restriction on non accredited investors. It is usually their money that typically ends up in the hands of scammers. But the problem is in controlling this process. It’s almost impossible to track as the bill only proposes to regulate the cryptocurrency market within the Russian jurisdiction”.

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and she is about to publish her first book about Blockchain Marketing.

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