Russian lobby group pushes for Alternative Bill on Digital Assets 23166
Aakash Athawasya
Sep 15, 2018 at 11:00 AM

The Russian Union of Industrialists and Entrepreneurs (RSPP), a lobby group focused on protecting the domestic industry and business transformation in politics and economy, is working on a proposal for an alternative bill on cryptocurrency regulation. The new bill aims to do away with the contradictions in the draft law “On Digital Financial Assets”, as reported by Forklog on Friday.

Several high-ranking Russian entrepreneurs and innovators are part of the lobby group and will have a say in the formulation of the new draft bill. Some prominent names in the lobby group are Vladimir Vekselberg, owner of palladium and nickel miner Nornickel, and Viktor Vekselbery, head of national innovation fund Skolkovo.

Within the lobby group, there exists an expert council, whose members include several national ministries, departments and the lower house of the Federal Assembly of Russia, the State Duma.

Elina Sidorenko, vice president of the lobby group, stated that the bill will call for digital assets to be split into three different groups - tokens, cryptocurrencies and digital “signs." She adds:

“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.”

Ambiguity still remains since the term “digital sign” has not been accurately defined. But the vice president said that issuers of the same need not apply for licenses from the country’s central bank. She reiterated that tokens will be classified under the banner of securities.

Sidorenko admits that the current state bill is “unfinished and fragmented” and hopes that the alternative being proposed will eliminate confusion and bring clarity. The document proposed by the RSPP will not draw on the concerns facing other countries issuing such legislation; it will rely on legal guidelines solely present in Russia.

Forklog further reports that the alternative bill needs to be approved by the RSPP first, following which discussions with Russian officials will take place next month.

See also: Russia becoming the new hub of over-the-counter crypto trading

See also: Waves enters Russia through a partnership with the state-owned Rostec


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