Bitcoin, Crypto currency, Blockchain

Russian prosecutors push for regulation of the crypto-market

In Russia, prosecutors have taken the regulation into their own hands, as there is no defined legal framework. Cases in which the current legislation behind the peculiarities of the growing digital economy, will be examined and appropriate solutions, a newly established Advisory body of legal experts proposed.

The Russian lawyers ‘ Association has declared that it is in collaboration with an educational organization called the Blockchain Lawyers ready to create a specialised Commission, which will deal during a round-table discussion on these issues with the legal challenges in the crypto industry. The Commission will also work for companies in other related areas such as Blockchain development, artificial intelligence, quantum technologies and the Internet of Things and to work with you.

The Russian news platform Bitcrypto News reported that the Commission will first try to deal with open questions and to solve problems arising from the lack of suitable crypto-regulations. The participants of the forum expressed confidence that the new body will be able to keep up with the fast-paced industry, and to accelerate their adaptation by the legal Definition of new economic and technological aspects in the digital space.

The Commission will help the industry, by working with projects and organizations together to face the challenges in the current legal scenario, are confronted, for example, in the field of accounting and taxes. Crypto-currencies are currently classified by the Russian government as the “other property”. ICO-tokens can, however, also property rights. This leads to problems, since the Russian tax legislation provides for these two categories, there are different tax rates.

Mikhail Uspenskiy Partner of the law firm of Taxology, declares that the competent leadership of the accounting will be a difficult task, until the legality of crypto-currencies and Token is regulated by the legislator in the state. The state Duma, the lower house of the Russian Parliament has postponed the decision on the adoption of a new draft law that was submitted last spring, however.

Conservative Approaches

Representatives of the crypto industry suggested finally, an alternative law on crypto-currencies, giving a “special status”. The revised draft also describes the crypto-currencies as the issue of digital tokens, which are intended to generate capital investment. A Definition that is well matched to the Initial Coin Offerings (ICOs). The Russian Union of Industrialists and entrepreneurs (RUIE) – published an “alternative bill”, of the currencies also a “special status” for the Cryptography intended.

Russia’s crypto-currency legislation, has disappointed many crypto-enthusiasts. Artem Tolkachev, the said self-proclaimed “first” attorney in the Commonwealth of independent States (CIS), which works with Bitcoin (BTC), and Blockchain-Start-ups, about the Situation: “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 people about how this stuff can be regulated. And I tried to sell the idea that we can be the country that attracts this kind of business, and is a crypto-friendly environment. Unfortunately, we have what we have. What can I say? The way it is.“

The conservative regulatory approach of the country was defended by Russia’s Deputy Prime Minister Maxim Akimov in a recent statement, Akimov pointed to the recent slump in the market, leading currencies to a sharp decline in the market capitalization of most of the Crypto. He also said that Moscow has no immediate plans for further significant Changes to the design of the legal framework.

Legal experts discussed a number of other related issues which the Commission will address, including the protection of the rights of crypto-investors by regulating the law enforcement in the crypto industry. The panel will be within the Moscow branch of the Russian lawyers ‘ Association.

Also interesting: Russia allowed ICOs

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