Dimtry Medvedev, the Russian Prime Minister has elaborated on the regulator’s progress towards enacting the prolong virtual currency regulations. Regulators will rename common terms such as “tokens” and “cryptocurrencies” with legal words like “digital money” and “digital rights”, he announced. In the Duma, two draft laws have been filed. Next week, one of the bills is scheduled for first reading.
“Strict legal Concepts” replacing “Slang”
With unresolved questions and disagreements between institutions delaying the adoption of the bills, the work on the Russian crypto regulations has been going on for some time. In the State Duma, the lower house of Russia’s parliament, two bills have been filed- a draft law amending the Russian civil code to regulate crypto transaction and a bill defining crypto activities like initial coin offerings and mining. On May 22, the house floor will receive the law legalizing token sales and has been approved by the Financial Market Committee, according to Parlamenskaya Gazeta and reported by NewsBitcoin.com.
Authorities around the world tend to avoid words like “cryptocurrency” and its derivatives, thus they have gain popularity beyond crypto communities. The latest Russian legislation on “digital financial assets” will not utilize the colloquial terms either, according to comments made by Prime Minister Dmitry Medvedev, as reported by RBC and RIA Novosti. He emphasizes, in the form of a speech during the plenary session of the St. Petersburg.
“We need to consolidate the basic provisions and translate them into the language of the law. Therefore, instead of common slang expressions such as “cryptocurrencies” and “tokens”, lawmakers are developing the more strict legal concepts of “digital money” and “digital rights.”
Is Counterproductive regulating everything
In Russia, the prime Minister emphasize that the local currency is and will still be the future of the country, stating it will be “the only means of payment” as reported by NewsBitcoin.com, however, he did acknowledge that “deals in the digital environment are a reality we can no longer ignore” as reported by NewsBitcoin.com. The latest regulation would assist to secure judicial protection against abuse, prohibiting the transmitting of assets into an unregulated digital framework and create a taxation basis.
However, the efforts to control all things are ineffective in the digital world and authorities require a flexible legal regulation in this industry that does not interfere with its development, noted the head of the Russian Government. Quoted by ITAR-TASS, Dmitry Medvedev detailed that “due to one instant finding ways to circumvent them, prohibitions in the digital environment do not work” and it is very challenging to impose a restriction, as reported by NewBitcoin.com.