Pilot regions for cryptocurrency turnover

Feb, 05 2019

The Ministry of Economic Development has prepared a draft law which would enable to use cryptocurrency and tokens to attract capital and making deals with assets under sanctions.

 

First regions to take initiative were Kaliningrad oblast and Tatarstan, where some local companies have already nominated as platforms for the experiment.

 

The target audience of the project is large businesses, some of which are already deliberating on the idea within Russian Union of Industrialists and Entrepreneurs. In order to follow-up to the initiative, vice president of the Union suggest giving an opportunity for 10 companies to work with financial crypto tools and use them as models to evaluate legal and economic risks.

 

Today Russia is vigorously involved in establishment of the crypto economy. The work is progressing in several directions, but mostly focuses on the creation of «regulatory sandboxes» – a framework for piloting new financial services and technologies. In a given situation the “sandboxes” will allow companies or even whole industries to test crypto tools for economic turnover and business processes avoiding any risk of the law violation.