[2017-10-28] Putin Approves Framework for ICO, Cryptocurrency Regulation

[ivanpoldark]

Russian President Vladimir Putin has personally approved a timeline for a framework that will regulate initial coin offerings (ICO) and cryptocurrency mining operations.

Putin Orders Parliament to Regulate ICOs

According to official Kremlin documents published this week, Putin signed several orders intended to regulate cryptocurrency usage within the country. Most notably, the orders mandated that Russian Prime Minister Dmitry Medvedev and central bank chief Elvira Nabiullina must draft regulations that bring ICOs in line with existing laws governing securities.

Medvedev is also tasked with two more significant responsibilities. One order instructs him to implement regulations that will require Russian cryptocurrency mining operations to register with the government and determine the appropriate procedure for the government to tax income garnered from those operations. Another requires him to determine the legal status of cryptocurrencies used within the financial sphere “based on the obligation of the ruble as the only legal tender in the Russian Federation”. All of these tasks must be completed by July 1, 2018.

Finally, the government plans to establish a regulatory sandbox that will allow the central bank consider additional regulations for cryptocurrencies and other fintech products, as well as draft proposals for a  “single payment space” created for the member states of the Eurasian Economic Union (EAEU).

Read more: https://www.cryptocoinsnews.com/putin-approves-framework-for-ico-regulation/

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[Irvinn]

In Russia, something is again tricky. The information is disclosed that Russia is crypto currency and it is only about its regulation, but at the same time it is indicated that the only means of payment on the territory of Russia is the ruble. Something does not fit here. So the Crypto currency will legally go to the territory of Russia and be freely sold and exchanged for a ruble, or it will be deprived of such functions and, thus, in fact. will be illegal as a means of payment?

[pri3oner]

In Russia, something is again tricky. The information is disclosed that Russia is crypto currency and it is only about its regulation, but at the same time it is indicated that the only means of payment on the territory of Russia is the ruble. Something does not fit here. So the Crypto currency will legally go to the territory of Russia and be freely sold and exchanged for a ruble, or it will be deprived of such functions and, thus, in fact. will be illegal as a means of payment?

Can u tell me what's gonna be with Russian person who sells/ buys coins on foreign currency? How does Rus government will control his actions?

[Siren]

In Russia, something is again tricky. The information is disclosed that Russia is crypto currency and it is only about its regulation, but at the same time it is indicated that the only means of payment on the territory of Russia is the ruble. Something does not fit here. So the Crypto currency will legally go to the territory of Russia and be freely sold and exchanged for a ruble, or it will be deprived of such functions and, thus, in fact. will be illegal as a means of payment?

That's why Russia is very much inconsistent with all of their statement. Tomorrow we will see another announcement from them contracting the other one. Really hard to speculate what their intentions are. We really have to wait and see tangible proof that they are all along cryptocurrency friendly. They have just stated that they will have their own CryptoRubble, and earlier they said they are going ban ICO, now Putin ordered to established regulations? Really doubt how things will turn out in Russia with regards to cryptocurrencies.

[aso118]

This will pretty much kill the industry. A lot of miners are so called "kitchen miners" who mine cryptocurrencies from their kitchens or basements. They wouldn't want to register with a government agency.
And if ICOs have to follow all the rules of a normal securities offering, they would rather not raise money in Russia. 

[veleten]

not Russia again ,the series continue,now its ICO on the programme
first thing:Putin haven't approved anyhting related to ICO regulations and his word is not a law,he is not a tsar,you know
but Medvedev and his libertarian goverment are not making decisions to facilitate things for miners or people in general
if you read the statement,it is about taxing and making sure it is not a legal tender like the main currency is
so it means that bitcoin will not be recognised as a currency or an asset,maybe there will be
some legal status along with the current electronic currenices,but in case of the said currencies like Yandex money,Webmoney etc.
they can be controlled in full and bitcoin cannot so this is a dilemma every country has to solve:how to regulate it without banning
be able to tax and monitor and prevent illeagal activities conencted to any pseudo anonymous decentralised currency bitcoin is