The proposed ‘digital assets’ law aims to “legalize ICOs” in Russia and is expected to be reviewed in May. But lawmakers are slowly realizing the futility of regulating Bitcoin and cryptocurrency that are un-regulatable by design.
Russia’s ‘Digital Assets’ Bill Would Legalize ICOs
Earlier this week, Russia’s Deputy Finance Minister Alexey Moiseev shared his thoughts on the country’s developing cryptocurrency laws. Speaking on the sidelines at the Economic Forum in Yalta, the Minister says the main aim of the proposed ‘digital assets’ law is to legalize ICOs.
He added that he expects the bill to be reviewed by the Duma in May.
As I understand, the aim of the proposed law is ICO legalisation. I believe the main goal is to make the ICO—which is a very easy way to raise some capital—convenient for small tech businesses.
The minister also noted that that the topic of anonymity and anonymizing cryptocurrencies (such as Monero etc.) have come up during discussions of the draft law.
“To be honest, I thought anonymity and cryptocurrencies were a thing of the past,” said Moiseev.
But I attended two roundtables at the Gaidar forum and there they said that these secret platforms do exist and can provide full anonymity.
Worth nothing, the latest version of the proposed law removed the definitions of cryptocurrency, tokens and mining. Instead, they are now all referred to in the bill under the general definition of ‘digital assets’ and their related operations.
Paved With Good Intentions
But the proposed law is already under heavy criticism. For example, president of the Russian crypto industry and blockchain association, Yuriy Pripachkin, believes that the proposed law would only add government pressure on the cryptocurrency industry.