Russia to have crypto regulatory sandbox in several regions prior to Federal level

28 Apr, 2019 | Updated: 28 Apr, 2019
by Fifi Arisandi
Regulation
Russia to have crypto regulatory sandbox in several regions prior to Federal level

Russia may have crypto regulatory sandboxes in several regions in the country, before it goes on the Federal level.

Russia’s stance towards cryptocurrency seems to still confuse many people. After multiple deferments on the discussion of the proposed crypto bill by the country's regulatory body, another bill is submitted by the ministry of Economy.

The bill conceives the establishment of regulatory sandboxes in the country. Among the subjects that will be covered by the sandboxes are neuro- and quantum technologies, artificial intelligence, robotics, virtual and augmented reality as well as crypto and blockchain technologies.

Savva Shipov, Russia’s deputy minister of economic development proposed the regulatory sandboxes to be created in several regions in the country, which are Moscow and the regions of Perm Krai, Kaluga Oblast, and Kaliningrad Oblast, Izvestia.

He expects it to be able to stimulate innovations as the regional regulations will be more flexible than the federal.

Shipov referred to similar practices in many countries in the world, which according to him, it has successfully “limited the legal risks for businesses and decreased the time and capital needed to develop and introduce innovative products and services”.

Kirill Kabanov, an advisor to the President on the civil society development and human rights also thinks the regulatory sandbox idea is the right solution to the issue faced by Russia, which is the irrelevance of existing laws with the current economic reality.

“For example, for many years cryptocurrencies are actively circulating around the world, but in fact, most countries, including Russia, do not regulate their use,” he said as quoted by News Bitcoin

Kabanov added, “Regulatory sandboxes will be effective if they are used as test grounds for norms that can later be applied to adapt the legal environment to the new technological structure.”

Which of the proposed bills will be discussed and decided first by the Russian authorities? Stick with Chepicap to find out.

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