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Putin approves the framework of the ICO, the regulation of cryptocurrency

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Russian President Vladimir Putin personally approved a schedule for a framework which will regulate initial coin offerings (ICO) and cryptocurrency extraction operations.

Putin orders parliament to regulate country offices

According to the official documents of the Kremlin published this week, Putin has signed several orders intended to regulate the use of cryptocurrency in the country. In particular, the orders required Russian Prime Minister Dmitry Medvedev and the head of the central bank, Elvira Nabiullina, to draft regulations that align the ICOs with existing securities laws.

Medvedev is also responsible for two other important responsibilities. An order requires him to implement regulations that will require Russian cryptocurrency mining operations to be registered with the government and determine the appropriate procedure for the government to tax the revenue from these operations. Another asks him to determine the legal status of cryptocurrencies used in the financial sphere "on the basis of the obligation of the ruble as the sole legal tender in the Russian Federation". All these tasks must be completed by July 1, 2018.

Finally, the government plans to establish a regulatory sandbox that will allow the central bank to consider additional regulations for cryptocurrencies and other fintech products, as well as proposals for a " single payment area "created for member states. the Eurasian Economic Union (EAEU).

Laying the foundation for the & CryptoRuble & # 39;

This last warrant could be in preparation for the launch of cryptocurrency ", a state-controlled cryptocurrency that Putin would have approved at a meeting in camera this month.Russian media quoted a senior official who said the government was eager to release the cryptoruble before another UEE member state would For example, a member of the EAEU, Kazakhstan, recently announced its intention to experiment with the adoption of a national cryptocurrency

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Cryptoruable details remain slim, but the government would levy a 13% tax on individuals and organizations attempting to negotiate their cryptorubles for the fiat currency, but can not demonstrate that the coins were obtained legally. Critics argue that this policy, if implemented, will allow the government to profit from money laundering and other financial crimes.

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