Russian President Vladimir Putin has approved the regulation of ICO and crypto -coins by July 2018.
the Kremlin press service officially announced Tuesday the move that will see the OICs included in the regulatory statutes "on the basis" of the long-term IPOs dated.
In addition, the government can now legally define the status of various terms what the Kremlin calls "digital technology".
Among these, we can quote the "distributed general led technology" alongside "cryptocurrency", "token" and "smart contract"
The regulatory sandbox for fintech in partnership with the central bank is also expected to surface by 20 December, reports RNS.
VTB Bank: Consumers are not interested in crypto 'very dangerous'
Russian Public Bank VTB Bank "has not seen much interest in Bitcoin" of the country's consumers.
Referring to CNBC, the bank's CEO, Andrey Kostin, joined his international CEO Riccardo Orcel in saying that contrary to popular belief, real-world use was weak and cryptocurrencies were "very dangerous".
"There was some interest in the press, but I did not see in Russia much interest in Bitcoin, to be honest," Orcel told the network.
Kostin added that he was "a little skeptical" about cryptocurrency.
"We see a lot of high speculation in cryptocurrencies and I think it's dangerous"
"Until governments decide how to regulate this area, I think it will be very, very dangerous for investors to invest in cryptocurrency. "
Kostin's perspective was widely spread in Russian political circles. A set of regulations is expected to be released by the end of the year, while politicians have expressed a desire to strictly limit the availability of cryptocurrency to regular consumers.
Conversely, Bitcoin, Ethereum and ICOs country, with everything from restaurant menus to vodka emerging with a crypto theme.
Burger King Russia was the world's first example of a global fast food giant issuing its own cryptocurrency, Whoppercoin, this year
In addition, the largest bank Russian, Sberbank, announced that she had officially joined the Enterprise Ethereum Alliance last week.