Russia Prepares Law on Regulation of Cryptocurrencies & ICOs

According to a report in TASS, the Russian Ministry of Finance has prepared a draft law that will regulate cryptocurrencies. The basis of the report was an interview of the Russian Finance Minister Anton Siluanov
for Rossiya 24.

Siluanov was quoted saying:

“The Ministry of Finance has prepared a draft law, currently under consideration, which will determine the procedure for issuing, taxing, buying and circulation of cryptocurrency.”

This past November, Russia’s Central Bank voiced support for initial coin offerings as a positive development that can help early stage companies raise necessary funds to finance growth. First Deputy Chairman Sergei Shvetsov from the Central Bank stated;

“Our country has a tremendous potential of innovations, our students, young people and entrepreneurs have the edge over any country in the world from the viewpoint of ideas, and amid the lack of classical institutions of startups support, ICO development has a huge potential to finance those ideas.”

Expectations are for rules regarding regulation of crypto, including ICOs, no later than July of 2018.

Initially, Russia took a cautious approach towards token sales and digital currencies in general. But this changed when President Vladimir Putin publicly stated his interest in supporting cryptocurrencies.

 

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