Recently, professional participants in the financial market have been showing an increasing interest in cryptocurrencies , which requires Russian legislators to appropriately regulate the industry. However, before it is introduced, it is necessary to carefully study international experience.
On July 25, First Deputy Chairman of the Council of Federation Committee on Constitutional Legislation and State Building, Lyudmila Bokova, offered to “analyze the experience of countries with developed economies before embarking on the active phase of developing legislative mechanisms to regulate cryptocurrency in Russia,” during the round table entitled “Is Russia Ready for legislative regulation of cryptocurrency? ".
The meeting participants noted that Russian lawmakers are too slow to develop legal norms for the cryptocurrency industry.
“We really need regulation, there’s no place to wait. Now the longer we wait, the more we lose. We are not able to overcome cryptocurrency. They both were and will remain, and the state still does not receive all the benefits that the digital economy can give it , ”said Dmitry Zakharov, member of the Commission for the Legal Support of the Digital Economy of the Association of Lawyers of Russia.
He called the cryptocurrency "new development of money", and also pointed out that the lack of regulation of the digital currency industry is the cause of both the outflow of specialists from the country and the loss of potential investors.
Separately, Zakharov noted the development potential of the mining industry in the territory of the Russian Federation, stressing that the country has sufficiently unused energy capacities.
“In Russia, there are ideal conditions for building a mining business. Now many investors are looking at our country in this regard, but they are waiting for regulation. ”
As for the draft law “On digital financial assets”, designed to regulate the Russian cryptocurrency market, experts called it “non-ideal”, since it does not take into account the real situation in cryptoeconomics.
Separately, the roundtable participants noted that the development of local legislation in the field of digital currencies should be consistent with international legal norms.
“We should not create any rules of the game that will differ from international ones. In fact, cryptocurrencies are already recognized as money by the FATF , ”said Arseny Poyarkov, Vice-President of the National Association of the Digital Economy.
At the same time, he noted the rather tough position of the Central Bank of the Russian Federation in relation to cryptocurrencies:
“To assume that such a powerful anonymity gateway in the form of cryptocurrency will be allowed to run into the traditional financial system is not yet possible.”
At the same time, Poyarkov believes that the frequent accusations of regulators against cryptocurrencies that the latter are used to conduct illegal operations are exaggerated.
“The fact that Bitcoin is calculated for illegal goods is only a fraction of such calculations. The main currency is the dollar, but no one has the idea of banning the dollar. ”
Note that the Russian authorities have not yet decided on the regulatory vector, which is why the adoption of the draft law “On digital financial assets” has been repeatedly postponed.
Recently, the chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov, said that the draft law could be passed in early October.
Publication date 07/26/2019
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