Vladimir Putin has dealt with the cryptocurrency

Vladimir Putin has dealt with the cryptocurrency

Russian President Vladimir Putin instructed the government and the Central Bank to ensure payment for legislative changes aimed at regulating the cryptocurrency industry, and new digital technologies. In addition, financial authorities will have to submit offers on creation on the basis of Bank “regulatory sandbox” for testing innovative financial technologies, products and services.

The assignment of Vladimir Putin concerning the regulation of new financial techniques (including the cryptocurrency industry) published today on official website of the Kremlin. According to them, the government of the Russian Federation jointly with the Bank of Russia will have until 1 July 2018 to ensure inclusion in the legislation of changes that will allow you to adjust the ICO (Initial Coin Offering — public fundraising, including crypto, by placing a token). Moreover, the text of the order States that regulations the ICO should be similar to the regulations in force with respect to a primary offering of securities (IPO).

“Here we go already approved in the international practice by. So acted, for example, in U.S. Commission on securities and exchange Commission (SEC) said that any deployment of digital assets must obey the securities laws,” — said the President of the Russian Association of cryptocurrency and blockchain (RAKIB) Yuri Pripachkin.

According to co-founder of kleptomanka Wirex Paul Matveeva, it is likely that cryptocurrency in the legislation will identify the digital asset, likened, rather, to the stock than to the means of payment. “In this case seems logical regulation of krautsalat as IPO, with perhaps some distinctive features inherent in the stock market. Principles KYCAML should be used to improve the transparency of industry”, — he said. At the same time, reminds Mr. Pripachkin, the ICO suggests a broader use of the token — it is not always analogous to the securities and often can have the status of a digital asset or obligation the provision of certain services or services. “Therefore, the ICO seriously reduces the process of raising funds and accelerates it. ICO takes a number of barriers between investors and issuers, and, of course, will serve the further development of the economy,” he concludes.