[2018-03-09] Russia is Considering Relaxed Rules for Cryptocurrency Adopters

[moriskarlov]

Russia’s plan to regulate cryptocurrencies and initial coin offerings lead to the first draft of the federal law “On Digital Financial Assets”.

According to translated documents, the law stated:

      This federal law regulates the relations arising in the creation, issuance, storage and circulation of digital financial assets, as well as the exercise of rights and performance of obligations under smart contracts.

The draft also described cryptocurrencies, tokens and mining, as well as legalizing the act of mining. In a meeting held by the Ministry of Economic Development on Feb. 27, members have now proposed additions to the draft.

According to Russian news outlet Vedomosti, members requested that transactional profits, as well as personal income, from cryptocurrencies should not be taxed. Furthermore, investment limit in ICOs should be increased from 50,000 to 500,000 rubles. Russian token holders should be allowed to invest in other tokens and participate in foreign exchanges. Lastly, members also proposed dropping the restrictions posed on non-residents for participating in ICOs.

Officials from the Ministry of Communications, Ministry of Justice, Central Bank of Russia, Federal Antimonopoly Service (FAS), Sberbank of Russia, MTS, Skolkovo Foundation, Gazprombank, Qiwi, and other companies were present at the gathering. However, representatives from the Ministry of Finance were absent since they are not a part of the “working group”.

The new proposal cuts down on the stricter rules favored by the Deputy Finance Minister Alexei Moiseev. He said, “Introducing tax exemptions is expedient, but the idea to increase the limit for individual investments in ICOs is debatable and we can discuss it.”

Even Russia’s presidential candidate, Boris Titov, believes that the original draft is inflexible, “The Finance Ministry’s proposals present a much tougher regulation than in Japan, Switzerland, Belarus, Armenia. That is, in all countries that have adopted some form of legislation. It would be better not to adopt anything than to adopt such legislation.”

Amidst Russian Orthodox Bishop Hilarion’s controversial views on cryptocurrency and President Vladimir Putin emphasizing blockchain’s importance in the country, Russia plans to finalize cryptocurrency legislation by Jul. 1, 2018. However, the central bank is still hesitant on allowing cryptocurrency trading as explained by the chairman of State Duma Committee for Financial Markets, Anatoly Aksakov, “The central bank is against the legalization of this type of digital currency, since in this case, citizens can start actively investing in crypto-tools, not taking into account possible risks.”

https://www.ccn.com/russia-considering-relaxed-rules-cryptocurrency-adopters/

[CryptoBry]

Russia is representing a big potential country for cryptocurrency and I am really expecting Russia to be opening itself for this new innovation within this year...we just have to wait as the officials are still in processing the final law that can provide the framework for this new industry. Russians are very much involved with cryptocurrency and not recognizing it can be an injustice to what it has already contributed to the country.

[davis196]

The news coming from Russia have something to do with the bad news coming from Japan and SEC.
I think that the russians want to steal Japan`s position as the worlds most crypto-friendly country.
They want all the big exchange platfroms and miners to establish their businesses in Russia,so the russian governement could easily control and manipulate the cryptocurrency prices.
The only good thing is that Russia might help for overcoming the crypto price crash,at least in the short term.

[Qartersa]

The Russian government has been clear about this for quite a while already. They would love to and are open to the use of cryptocurrencies, just that they want to make sure that Russians do not lose their money onto something uncertain and unregulated because it will seriously affect Russia's economy. It is a legitimate concern, perhaps, and we are without power and authority to prey onto the Russian government. Russia has a strong and incorruptible government that is independent of the powers of the US to say the least, hence, no matter how strongly we opine about their decision on cryptos, they will not take orders from us. People in cryptos have to understand that not everyone is for it.

[Proton2233]

Russia is representing a big potential country for cryptocurrency and I am really expecting Russia to be opening itself for this new innovation within this year...we just have to wait as the officials are still in processing the final law that can provide the framework for this new industry. Russians are very much involved with cryptocurrency and not recognizing it can be an injustice to what it has already contributed to the country.

Are you kidding me? What potential does Russia have for the bitcoin community? It is a poor country. The only advantage of this country is cheap electricity. But I welcome every person who becomes part of the community regardless of the country of residence. People should put pressure on governments that try to ban bitcoin. We must fight for our rights.

[chocomartin]

Russia is representing a big potential country for cryptocurrency and I am really expecting Russia to be opening itself for this new innovation within this year...we just have to wait as the officials are still in processing the final law that can provide the framework for this new industry. Russians are very much involved with cryptocurrency and not recognizing it can be an injustice to what it has already contributed to the country.

Are you kidding me? What potential does Russia have for the bitcoin community? It is a poor country. The only advantage of this country is cheap electricity. But I welcome every person who becomes part of the community regardless of the country of residence. People should put pressure on governments that try to ban bitcoin. We must fight for our rights.

A poor country based on what statistics? As for potential, other governments are more likely to follow suit when they see other countries such as Russia being open to the use of bitcoin.

[Gotottack]

Russia’s plan to regulate cryptocurrencies and initial coin offerings lead to the first draft of the federal law “On Digital Financial Assets”.

According to translated documents, the law stated:

      This federal law regulates the relations arising in the creation, issuance, storage and circulation of digital financial assets, as well as the exercise of rights and performance of obligations under smart contracts.

The draft also described cryptocurrencies, tokens and mining, as well as legalizing the act of mining. In a meeting held by the Ministry of Economic Development on Feb. 27, members have now proposed additions to the draft.

According to Russian news outlet Vedomosti, members requested that transactional profits, as well as personal income, from cryptocurrencies should not be taxed. Furthermore, investment limit in ICOs should be increased from 50,000 to 500,000 rubles. Russian token holders should be allowed to invest in other tokens and participate in foreign exchanges. Lastly, members also proposed dropping the restrictions posed on non-residents for participating in ICOs.

Officials from the Ministry of Communications, Ministry of Justice, Central Bank of Russia, Federal Antimonopoly Service (FAS), Sberbank of Russia, MTS, Skolkovo Foundation, Gazprombank, Qiwi, and other companies were present at the gathering. However, representatives from the Ministry of Finance were absent since they are not a part of the “working group”.

The new proposal cuts down on the stricter rules favored by the Deputy Finance Minister Alexei Moiseev. He said, “Introducing tax exemptions is expedient, but the idea to increase the limit for individual investments in ICOs is debatable and we can discuss it.”

Even Russia’s presidential candidate, Boris Titov, believes that the original draft is inflexible, “The Finance Ministry’s proposals present a much tougher regulation than in Japan, Switzerland, Belarus, Armenia. That is, in all countries that have adopted some form of legislation. It would be better not to adopt anything than to adopt such legislation.”

Amidst Russian Orthodox Bishop Hilarion’s controversial views on cryptocurrency and President Vladimir Putin emphasizing blockchain’s importance in the country, Russia plans to finalize cryptocurrency legislation by Jul. 1, 2018. However, the central bank is still hesitant on allowing cryptocurrency trading as explained by the chairman of State Duma Committee for Financial Markets, Anatoly Aksakov, “The central bank is against the legalization of this type of digital currency, since in this case, citizens can start actively investing in crypto-tools, not taking into account possible risks.”

https://www.ccn.com/russia-considering-relaxed-rules-cryptocurrency-adopters/

I think the Russian government is trying to get an information about all Bitcoin transactions while they still are lenient about it. You know, the intelligence report is gathered if you seem to allow flexibility of rules for the time being. Sooner or later, they sure will find ways to create a new one (digital currency) that will be effectively regulated by the government IF AND ONLY IF they find Bitcoin to be a threat to the integrity of their national fiat which is Russian Ruble. Russia, based on my research, is known for its being independent in terms of handling their internal government affairs. Hence, I think they are cooking something whilst bending some rules at the moment.

[Domenc]

After China, now Russia is make good efforts to stay active in news. In the current news, Russia has proposed new and improved aspects of crypto currency and if according to current news everything works as planned it will definitely good news for both crypto users and crypto market. This will also help other government to realize its potential and take positive steps towards regulating in their countries.

[Rustamm]

So far, this is one of the best bills of Russia in relation to the crypto currency. I am very surprised that it provides for no taxation for any transactions with crypto currency, allows the participation of its citizens in ICO campaigns, etc. However, do not forget that along with this bill there is also a bill on criminal responsibility for any use of crypto currency. Given the contradictory statements of Russian politicians regarding the crypto currency, as well as the sharply negative attitude of bankers towards it, it is still unknown which bill will eventually be adopted as a law. I think it is too early to say that Russia is going to legalize the crypto currency. By the summer the situation can change many times. However, it's nice to see that such a bill has been prepared in Russia.

[JoshuaBlack1]

I think game theory is already kicking in when it comes to geopolitical powers surrounding cryptocurrency