Bitcoin, Crypto currency, Blockchain

Russia & Albania – crypto regulation in comparison

5f08d20980aed70538ffc519fb1751ac - Russia & Albania – crypto regulation in comparison

With a second hearing, which is scheduled for the autumn session of the state Duma in the lower chamber of the Russian Parliament, has been edited, the draft law of Russia digital of financial assets in a rather unexpected way. A confusing decision of the legislature has led to the Definition of crypto was removed Mining from the Text of the proposals for the regulation of crypto-systems in the country.

Anatoly Aksakov, Chairman of the Duma Committee on financial markets, tried in an Interview for Interfax to justify the decision on the sidelines of the conference Finopolis 2018:

Previously, we had engaged ourselves with the question of Bitcoins and their possible Integration in our economic system. But since we have come to the conclusion that we need these obscure Bitcoins, we also need no provision for Mining.

The current decisions

The new law will not deal with the question of the taxation of crypto miners, whose Definition in the law book is missing, although the industry has been waiting for each step in this question as evidence for the attitude of the Russian authorities in this matter.

The whole point, as Aksakov said, is that the authorities are not currencies, excited about Crypto and don’t want that technology assumes in the Nation to play a more important role. He explained that within the draft law proposed by the regulatory framework, the concept of crypto-mining is absolutely “meaningless”, and added that the Definition of “Mining” would also require the Definition of the “crypto-currency”, although there is no reason to do so, since Russia has no interest in the industry and its regulation.

Previously, the design of the “Mining” as the process of the creation of crypto currencies, as well as the practice of entities for the validation of the crypto-currency TRANS defined to reward actions. The Mining is subject to tax when the electricity consumption of the operation exceeds certain limits, since he is recognized as an economic activity, which can be exercised by both companies as well as individual entrepreneurs.

A constant battle

According to Artem Tolkachev, the self-proclaimed “first” attorney of the Commonwealth of Independent States (CIS), the ups works with Bitcoin (BTC), and Blockchain-starting, companies in the sector for some time been dissatisfied with the existing regulations. The current Version of the crypto and Blockchain-law, which consists of drafts of three of the law, has not fulfilled his expectations.

Tolkachev, since 2016, the Chairman of the Russian Blockchain community and the Blockchain laboratory at Deloitte CIS, founded, said:

I spent about two years in order to discuss with the Central Bank, the Ministry of Finance, the Ministry of economic development, the General security service and all the other guys about how we are these things. And I tried to sell the idea that we can be the country attracting this type of business and the crypto-friendly environment is built. Unfortunately, we only have what we have now… What can I say?

He also criticized the recent decision of the legislator to remove any reference to crypto-currency from the law book:

According to the draft laws, none of the existing crypto-currencies, especially crypto-currencies with nothing behind it, allows, for example, Bitcoin [….] in Russia. It would not fall within the scope of this legislation. According to the three draft laws, we can only speak about a type of Asset-based Token, not about crypto-currencies.

Aksakov not turned out, that Russian officials are thinking about to integrate crypto currencies into the economy.

Since we have decided that we need you, there is no Mining required

quoted by Interfax on him. It remains unclear whether the definitions for tokens and Coin Initial Offerings (ICOs) are included in the current Version of the draft law, which is digital currencies, Mining and ICOs in Russia remain without a reliable legal status.

Elsewhere, Albania, the industry welcomes a new crypto-regulatory framework

Albania is introducing new regulations for crypto-currencies to create new investment opportunities in the country and to transform the Nation into a regional hub for crypto-currencies.

Edi Rama, the Prime Minister of the country, is of the opinion that Albania is in the position to be a crypto-friendly hub for potential investors, because he said:

As part of our efforts to develop new markets and create new opportunities for well-paid jobs and qualified people [ … ], we are investigating the possibility of creating a regulatory framework for crypto currencies. Today, for many, a shocking news but it offers each country the opportunity to be innovative and to create a focus for innovative financial markets, regardless of the level of Development of the country.

The head of the Albanian financial Supervisory authority, Ervin Koci, informed the investors that he has still not allowed a company to issue digital currencies, because the rules are still a work in progress. The Bank of Albania made it clear that they cannot guarantee that the customer will be fulfilled protection against unforeseen losses, since the activity of the operators of digital currencies is characterized by a high degree of uncertainty and risk.

Albania is included in a number of other countries, the Kryptwährungen a promising trade want to offer a place such as South Africa.

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This article was from English into German:

Christian Rehm

Senior IT Consultant and Crypto Enthusiast always in search of interesting news.

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