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Russian PM Medvedev Gets a Crypto Regulation Proposal

RBC reported that Medvedev, Russia’s PM, received a proposal from the RSPP to regulate crypto. Alexander Shokhin rejected the May draft, requesting the MP to explore different perspectives of the draft law to find a balancing point for regulators and innovators alike.


 

Implications

There are many startups that would have no resolution if the original legislation is taken into consideration and they would have to set their sights on another crypto-friendly region, said Alexander.

One of the clauses in the lobbying group's proposal is requesting a definitive divide between different kinds of tokens, such digital "signs", cryptocurrency and safety tokens. Instead, there is demand for a definitive layout to abide by the rules of the central bank.

At the end of this month will witness the discussion of the proposal administered by MPs, according to Kommersant.

RSPP is the meeting of the Russian 1%,  entrepreneurial minds from different industries like Vlad Potanin, the mineral mining billionaire and the innovative Viktor Vekselberg who indicatecd that his foundation was preparing a counter-draft of bill in September.

Potanin has a developing passion for crypto and according to Kommersant, he has crypto plans to pursue. In the first month this year, the Finance Ministry in Russia introduced a bill regarding digital currency, which was followed by the approved KYC two months later with an upcoming second hearing this fall.

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