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Russian Lobbyists Push Alternative Crypto Regulation Bill

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Russian Lobbyists Push Alternative Crypto Regulation Bill

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A lobby group in Russia is actively working to push an alternative cryptocurrency legislation bill, which they say addresses the contradictions set in the government’s drafted ‘On Digital Financial Assets’ bill.

The Russian Union of Industrialists and Entrepreneurs (RSPP) want to give cryptocurrency a special status, entrusting their regulation solely to the country’s central bank. The document they presented separates digital assets into three groups: tokens, which are equivalated to securities, cryptocurrencies, and so-called ‘digital signs’. It also sets out the rights of cryptocurrency exchanges and holders.

Behind RSPP’s bill proposal are some of Russia’s wealthiest business personnel. The group is headed by the president of the mining and metallurgical company “Norilsk Nickel” Vladimir Potanin. Other members include the head of Rostelecom Mikhail Oseevsky and the president of the Skolkovo fund Viktor Vekselberg. They say they have sought expert counsel from members of the government, including the State Duma of the Russian Federation.

Local media outlet Forklog reports that Potanin’s deputy Elina Sidorenko discussed the subject at lengths, saying that all of the composers of the bill are interested in promoting ”safe business.”

She detailed that On Digital Financial Assets, particularly parts one, two and four of the Civil Code of the Russian Federation, as well as On Alternative Methods of Attracting Investments (crowdfunding), as contained in the initial draft proposal, is both crude and at odds with one another.

The lobby group hope their bill will be considered as a solution to these issues: “The project, proposed by the working group of the RUIE, is a legally balanced golden mean between the bills” On the CFA and On Amending the Civil Code of the Russian Federation “…and neutralizes the contradictions in them. It is designed by taking into account the western trends and the current Russian legislation.”

On the matter of cryptocurrencies, she says they hope to give them a special status never seen before in Russian law and that the central bank should issue operational licenses for exchanges. Ownership of cryptocurrencies should be very similar to the ownership of securities, she added.

The document is currently being negotiated within the Russian Union of Industrialists and Entrepreneurs, and in early October it is scheduled to be discussed with state body representatives.

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