A working group under the Russian Union of Industrialists and Entrepreneurs (RUIE), consisting of influential magnates and heavyweights in Russia, is currently devising an alternative crypto regulation bill that is meant to remove the contradictions in the state draft law “On Digital Financial Assets.” This is coming from a recent report by Forklog.

Drafting the New Bill

Billionaire magnate, Vladimir Potanin, who is the owner of a nickel mining company and Vekselberg, head of the Russian innovation fund Skolkovo are also members of the lobby group. The two, which were both listed among the top ten richest businessmen in Russia by Forbes, would be developing the said bill. The lobby group was created recently and was formed by an expert council consisting of representatives from different ministries, including delegates from the Russian State of Duma.

Elina Sidorenko, who is the vice president of the lobby group, RUIE, talks up how the new bill would work and corresponding changes that would be put in place once it is passed and approved. She revealed that the alternative bill would divide digital assets into three major categories namely: tokens, cryptocurrencies, and digital “signs.”  However, she did not give an explicit or legal explanation of what the bill implies by ‘digital signs.’ The only thing she did make clear though is how cryptocurrency would be dealt with differently from the other two categories.  She explained:

“Cryptocurrencies will have a special status, which has never appeared in Russian legislation before, and will be regulated on the basis of laws and regulations that will be issued by the Russian Central Bank. The Central Bank will issue licenses for exchange operations. In this regard, the status of crypto owners will be notably facilitated in comparison to securities owners.”

When asked the difference and what each group implies, she conveyed that tokens will generally be assigned to the law on securities, while “digital sign” issuers would not be mandated to obtain licenses from central banks any longer.

Before the proposal can be discussed with Russian Officials though, the alternative bill must first be approved by the RIUE. Afterwards, the bill can be addressed in an official meeting with Russian officials by late October.

Image Courtesy of Balkan Inside.