Putin approves cryptocurrency and ICO(Officially)

[tsaroz]

http://kremlin.ru/acts/assignments/orders/55899

That's an official Russian portal that when translated states to me that Russia have approved cryptocurrency and ICO with few catches.
ICO would be regulated and miners and exchanges to be registered. What's you thought in it.
Is putin the saviour of cryptocurrency or Is he killing the essence?

Simplified English article
https://www.coindesk.com/vladimir-putin-mandates-new-rules-cryptocurrencies-icos/

[ZainSpider]

Looks good honestly. After so much weird times from china and co, we the crypto world suffered a lot. Now it might be a big relief. By the way I read some where China is going to give licenses too yet again. The world cant survive without crypto

[Crypington]

Glad to see it.  Hopefully small miners will be exempt from registering, though, and they just focus on mining businesses.  Registration might put a damper on things.

[Filmmmakerr]

That's great, its only a matter of time before every country does this. Big step forward for Putin and Russia. Props. I'm looking forward to seeing which country does this next.

[Beicin]

One day Russia is backing up crypto, the other it's rumored to be banning it. Its kinda hard to keep track these days, they change their mind so quickly (and people jump on rumors and spread them as truth just to get more site clicks...).

If this is true then it is very good news, truly a good step going forward for crypto (and another chance for Russia to advance economically as a pioneer country)

[BlueSword]

Hopefully small miners will be exempt from registering, though, and they just focus on mining businesses.  Registration might put a damper on things.

Google Translate for the relevant paragraph is:
"b) the establishment of requirements for the organization and implementation of production based on the principles of cryptography in the medium of distributed registries ("mining"), including the registration of economic entities carrying out such activities, and determining the procedure for its taxation;"

I'm not sure if "economic entities" ("xoзяйcтвyющиx cyбъeктoв") includes private individuals, but my wild guess would be no. 

(The original Russian text of the above-quoted paragraph is:
"б) ycтaнoвлeниe тpeбoвaний к opгaнизaции и ocyщecтвлeнию пpoизвoдcтвa, ocнoвaннoгo нa пpинципax кpиптoгpaфии в cpeдe pacпpeдeлённыx peecтpoв («мaйнинг»), включaя peгиcтpaцию xoзяйcтвyющиx cyбъeктoв, ocyщecтвляющиx тaкyю дeятeльнocть, a тaкжe oпpeдeлeниe пopядкa eё нaлoгooблoжeния;")

[steveouttrim]

Companies that are doing ICOs should register. Sounds pretty reasonable.

C'mon Trump, what you gonna do?

[cola-jere]

I agree in some regulations esp those doing ICO's that they need to register as a valid corp, that they just won't just disappear after collecting tons of eth or btc.

[BlueSword]

Companies that are doing ICOs should register. Sounds pretty reasonable.

C'mon Trump, what you gonna do?

Most ICOs already need to be registered with the SEC under existing law, because they constitute securities under the Howey test.  The SEC has recently launched a cyber unit and has already begun enforcement actions against some of the most prosecutable targets (e.g., blatant scams with known principals).

https://www.sec.gov/news/press-release/2017-176
https://www.sec.gov/news/press-release/2017-185-0

[Reatim]

Well if this is true then its a welcoming news. However, Russia has also put up their own crypto's right? So I don't know what is the effect of allowing ICO at the same time having their own crypto. Plus, Russia has been very confusing lately and sometimes you don't know if they are really telling everything because they contradict one another. However, let's see how things will evolved in 2018. Specially they said they have plans to put a mining farm somewhere.

[Saifher]

How official is this? Every week we get different news coming out of Russia. One day they're banning all cryptos, the next they're supporting farms to move over to their country... Hopefully this time its true and they'll really back cryptos!

[babsjoe]

Russians are playing the mind game with the rest of the world! All these cat an dog game is leading no where. With or without approval, citizen of any country should be free to pursue in the first place an economic endavour. What is registrations of miner all about? and beside crypto is abou freedom!

[puremage111]

I Don't get it, so the previous news stated that Crypto is banned in Russia

Who banned it previously?
Now Putin approves it therefore its legal in Russia now?

[fedor3327]

Putin is a clever guy. No doubt about it.

If you cant beat it....join it.

Notice - regulation, regulation. He wants to keep control!!

[planktondestroyer]

I think it will be helpful in the long run. At least it keeps Russia in the game legally!

[poodle63]

This will make or decrease the possibility about the scammer to run the ico. it seems good in my opinion from the investor's view but that will be a terrible thing for the scammer caused by theey can't do that to run scam ico.

[Riddikulo]

I suppose, understanding that Russian Ruble position is too week, Putin understands that only cryptocurrency can “save” his country.
They say, he was the first one who approved new Russian virtual currency. The question, when people start using it.

[Marucya]

For now I see only one word. And words, even of the same Putin, about the crypto-currency are contradictory. The trend is generally quite good, it is still better than the ban, but I think that it is necessary to judge not by words in this case, but by specific actions and adopted laws. So far, there are no such laws.

[iram1011]

If a country thinks of supporting cryptocurrencies, then regulations are inevitable. I believe regulating ICOs is way too much necessary and I want to see more ICO regulations from countries. So that some potential projects can be seen and can be successful from all this ICO mess. Regarding taxing and regulating cryptocurrencies, I believe at sometime or other almost all cryptocurrency supporting countries will do that. This in one way also helps in increasing public trust.

[RichardBTC]

I dont know if this news is legit but if it is then it will certainly be a good step forward for crypto currencies