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Russian Lobby Group Working On Alternative Crypto Regulation Bill

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A lobby group of the RSPP (Russian Union of Industrialists and Entrepreneurs)  is working to formulate an alternative crypto regulation bill.

The proposed bill aims to eliminate the contradictions inherent in the state draft law “On Digital Financial Assets.”

The Alternative Crypto Regulation Bill

A group consist of affluent Russian managers. These the billionaire Vladimir Potanin, who owns Nornkickel, nickel and palladium mining and smelting company, and Viktor Vekselberg, the head of Skolkovo, the Russian innovation fund.

Forbes lists both of these individuals amongst the top 10 businessmen in Russia.

Furthermore, representatives of different departments, ministries, and the Russian State Duma, will form the expert council for this lobby group.

Categorization of Digital Assets

According to Elina Sidorenko, the vice-president of RSPP, the alternative bill divides digital assets into three main groups. These include tokens (equivalent to the securities), digital “signs”, and cryptocurrencies.

Moreover, the new regulation will treat cryptocurrencies differently from other digital assets.

“Cryptocurrencies will have a special status, which has never appeared in Russian legislation before, and will be regulated on the basis of laws and regulations that will be issued by the Russian Central Bank. The Central Bank will issue licenses for exchange operations. In this regard, the status of crypto owners will be notably facilitated in comparison to securities owners.”

Sidorenko also emphasizes that the tokens will adhere to the law on securities.  On the other hand, “digital sign” issuers need not apply for licences from the central bank. The vice-president did not, however, specify the legal meaning of “digital sign”.

Furthermore, she believes that the alternative bill will be a great way to eliminate the contradictions in the state bill which she calls “unfinished and fragmented”. The new RSPP document relies on the real legal framework in the country. Moreover, it will also consider the experience of other countries.

According to Forklog, the RSPP will first approve the new bill. The group will then discuss it with the Russian officials in October.

The State Duma accepted the bill “On Digital Financial Assets” in the first of three readings in May this year. The law aimed to define cryptocurrencies and tokens as property. However, this soon drew widespread criticism from industry stalwarts.



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