It had been reported earlier by Russia’s Parliament Newspaper that talks are in place to discuss draft bills for cryptocurrency regulations in Russia, which are to be finalized and adopted by July 1, 2018, according to the instructions of Russian President Vladimir Putin.
While those talks are still in place between the Ministry of Finance and the Central Bank of Russia along with the input of additional parties such as the Expert Council of the Youth Parliament under the State Duma, some additions that had been suggested to the drafts from other segments hold a few points of interest.
As per local news sources, the Ministry of Economic Development had held a meeting on February 27, where participants included influential institutions such as the Central Bank of Russia, Ministry of Justice, Sberbank of Russia, and the Ministry of Communications.
While the Ministry of Finance had not been present at the meeting, it was explained by Deputy Finance Minister Alexei Moiseev that it was normal for other parties to provide suggestions without the Ministry of Finance being present at the occasion, since the suggestions could always be presented to the Ministry afterwards.
Some of the suggestions that were proposed hinted at a friendly stance towards cryptocurrency and pertaining investments, which is a positive move and shows a promising future in Russia for the financial asset.
Recommendations for cryptocurrency regulations in Russia
A few recommendations had been provided during said meeting, but some of the most notable ones included the advice to cut taxes completely from profits derived from cryptocurrencies, and the suggestion to increase the proposed cap of initial coin offering (ICO) investment limit from 50,000 rubles to 500,000 rubles.
It was also proposed that any non-Russian individuals should be able to invest in ICOs that originate from Russia, since it would only provide more investment towards operations that are based in the country.
Furthermore, another advice that was included proposed that Russian individuals should be allowed to participate in international ICOs as well as provided with the ability to trade with foreign cryptocurrency exchanges.
Are these proposals going to be adopted for cryptocurrency regulations in Russia?
The advice that the members proposed altogether alludes to their approach to adopt friendlier regulations for cryptocurrencies.
However, these suggestions remain just that, as only advice, and the final say on their status would come once the Ministry of Finance and the Central Bank of Russia have finished their ongoing discussions and present a final draft of their agreed upon bill, which would then be discussed and considered by the State Duma.
It is clear that the leader of Russia does not want to fall behind in the blockchain and technology space but what will be Russia’s long term strategy in regards to cryptocurrency regulations in Russia and how will they make sure to carry the lead in the new race?