RSPP has criticized the draft laws for the regulation of cryptocurrencies in Russia and Medvedev has sent his proposals for market management of digital assets


All-Russian public organization Russian Union of Industrialists and entrepreneurs, representing the interests of business, has written to the Prime Minister of Russia Dmitry Medvedev the offer on regulation of digital assets.

President RSPP Alexander Shokhin has sharply criticized adopted by the State Duma in the first reading three bills aimed at regulating cryptocurrencies and investment platforms in Russia, offered to postpone their re-examination in the following year and presented to Prime Minister Medvedev’s own version of the project on digital asset management in the country.

Shokhin believes that the premature adoption of laws “On digital of financial assets”, “On amendments to the Civil code” and “On foreign investments using investment platforms,” designed without taking into account the views of the business, can damage developing in the country of the cryptocurrency industry, as they establish “unreasonably high regulatory standards for different types of digital currencies”.

“This approach will contribute to the care of participants of economic relations in the field of digital technologies of the Russian jurisdiction in a foreign state with a more favorable investment climate,” the letter says.

According to the head of the RUIE, for the legal regulation of cryptocurrency will be sufficient to introduce regulations, instead of amending the Civil code. Normative-legal acts will contribute to the prompt response and adjustment of regulation in response to changes and market development of digital technologies.

Earlier, the RSPP suggested to share digital assets in three types of security tokens, digital signs and cryptocurrency — each of which needs to produce its own Nagornyi standards.

Reportedly, the RSPP proposal on the regulation of the stock market will be discussed at the level of three Federal Ministers in late October.

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