August 9, 2020

Russia and Belarus will develop cryptocurrency regulation rules

Russia and Belarus will develop cryptocurrency regulation rules

On September 19, a seminar of the Parliamentary Assembly of the Union of Belarus and Russia on the topic “Model lawmaking in the Union State. " The meeting participants highlighted the priority areas of joint lawmaking, including the digital economy.

During the seminar with reports and presentationsdeputies of the Parliamentary Assembly spoke, representatives of the Union State Standing Committee, state bodies and leading scientific institutions of Russia and Belarus took part in the discussion.

Experts and deputies agreed thatpriority areas for putting into practice the model legislation of the Union State may be such areas as a single educational space, the digital economy, unmanned vehicles, the creation and use of artificial intelligence.

Vitaly Shilov, Deputy Chairman of the CommissionThe Parliamentary Assembly on Legislation and Regulations, the Deputy Chairman of the Standing Commission on Labor and Social Affairs of the House of Representatives of the National Assembly of the Republic of Belarus, noted that in the digital economy, Russia and Belarus are not moving in parallel, but in different directions.

He said:

“Now we are at that levelinteraction between our countries in terms of harmonization and unification of legislation, which came to the understanding that we should move towards model legislation. That is, to establish a single legal framework that will allow us to adopt those bills within the framework of the Union State that will equally act both on the territory of Russia and on the territory of Belarus.

And one of the priority areas, whichdiscussed at the seminar, is the digital economy. Our legislation today is developing independently, and since the digital sphere is developing by leaps and bounds, in the future this may lead to problems in the relations between our states. This is due to the launch of cryptocurrencies, and with artificial intelligence. This includes digital payments and electronic bidding. These are the common ground on which real problems may arise in the near future.

In the framework of the seminar, with the participation of experts, wetried to find those points that need to be taken into account and determine the direction where to move in order to avoid or level all the negative consequences. Speaking on the example of the legislation of the two countries regarding the development of the digital economy, now we are not even going in parallel courses, but in different directions. And today we are saying that we need one law that will allow our digital economies to work in a single legal field. Such a system should work in other sectors of the economy. In the future, this will make it possible to exclude the appearance of legislative acts, to which then it is necessary to adopt a large number of amendments and make amendments. This is the essence of model laws (recommendation laws designed to promote the unification of national laws). ”

If in the Russian Federation the legal status of cryptocurrencies is stillis settled (although, theoretically, the State Duma can approve the corresponding bill in the coming weeks), in Belarus in December the decree “On the development of the digital economy” came into force.

The decree created the legal conditions forICO, the use of cryptocurrency and the introduction of smart contracts. In fact, Belarus has become the first jurisdiction in the world with comprehensive legal regulation of blockchain-based business.

As a result of the event, a number of recommendations were adopted, which should be put into practice in the near future.

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