January 27, 2023

RSPP asks the President of the Russian Federation to accelerate the adoption of regulation of crypto assets

The Russian Union of Industrialists and Entrepreneurs (RSPP) asks Russian President Vladimir Putin to speed up consideration and signing of laws on the regulation of crypto assets.

According to Izvestia, RSPP sent to the presidentA letter to Russia requesting to facilitate the prompt review and adoption of laws for the cryptocurrency industry. According to Russian entrepreneurs, many are ready to issue their own tokens in order to reduce dependence on settlements in traditional currencies, but now this is impossible due to regulatory uncertainty.

RSPP believes that the issue of its own tokensIt may remain problematic even after the adoption of the Law on Digital Financial Assets, which the State Duma is now considering in the second reading. According to entrepreneurs, it is necessary to clarify the issues of taxation of cryptocurrencies, currency regulation, administrative and criminal liability, as well as certification and licensing.

President of the Russian Union of Industrialists andEntrepreneurs Alexander Shokhin and General Director of MMC Norilsk Nickel Vladimir Potanin asked Vladimir Putin to act on the relevant departments and facilitate the speedy development of necessary bills. Alexander Suraev, Director for Coordination of Legislative Activities of the RSPP Digital Development Center, noted:

"Judging by the resolution issued on the letter of association, the president supported the request of entrepreneurs."

Suraev confirmed that many large companies,members of the RSPP are already technically ready to issue their own tokens, however, the lack of regulation does not allow them to implement the initiative. For example, in October it became known that Norilsk Nickel was preparing to launch a token secured by palladium on the basis of foreign branches of the company.

Recall that at the beginning of last monthThe Ministry of Finance of the Russian Federation and the Russian Union of Industrialists and Entrepreneurs have proposed dividing crypto assets into three types to facilitate regulation. In September, the head of the State Duma Committee on the Financial Market, Anatoly Aksakov, said that RSPP insists on regulating cryptocurrencies in Russia, whose members want to issue tokens secured by commodities and sell them to interested parties.

In early August, Prime Minister DmitryMedvedev instructed the Ministry of Finance and the State Duma to adopt a law on the regulation of crypto assets by November 1, 2019. However, the bill was not adopted, and at the beginning of the month, the State Duma discussed amendments to the second reading of the bill.