The head of “Norilsk Nickel” explained the difference between the control blockchain industry in the United States and Singapore, and which approach is best to use the Russian government
At the moment in the world there is no optimal approach to the regulation of the cryptocurrency market, the head of Norilsk Nickel Vladimir Potanin. In an interview with “Kommersant” he explained that there are two ways to control the blockchain industry.
In the first case, which Potanin was named an American, the government most rigidly controls all the process related to cryptocurrency and distributed technology registry. Second, “less restrictive”, already working in Singapore and Switzerland. It lies in the fact that the authorities ensure a certain freedom, but reserve the right to make decisions about certain aspects.
In Russia, this approach is called “regulatory box”. The evaluation of the influence of the token on the investment environment, depending on the indicators, it may be under tight control, to be restricted “sandbox” or sent to “float freely”.
According to Potanin, the Russian government will first need to prescribe clear definitions of terms and limit its regulation of the cryptocurrency market. He stressed that the blockchain industry is not developing under the same laws that traditional securities, and therefore the approach should be different.
“Because at this stage you do not need to make a revolution in civil law. Not prescribe something that you can’t write well, and to determine what is, and what is known about it, known by the terms”, — said the head of “Norilsk Nickel”.
He stressed that now some aspects of the cryptocurrency market are not regulated, and others Vice versa — controlled too rigidly. Potanin offered to return the situation to the current civil law field, correctly and fully describe the tokens and decide which Agency for what will follow.
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