Russia Proposes Legalizing Crypto For Regulatory Sandboxes
The latest on Crypto in Russia….
RUSSIA PROPOSES LEGALIZING CRYPTO FOR REGULATORY SANDBOXES
“The bill on “regulatory sandboxes” was submitted last week to the State Duma (Russia’s parliament). The document discusses eight industries that can benefit from deregulation when introducing new digital technologies. The list includes healthcare, transport, distance education, trade, finance, construction, manufacturing, and public services.
Representatives of the ‘regulatory sandboxes’ might be exempted from many requirements that are stipulated in a separate “satellite” bill.
When it comes to blockchain and cryptocurrencies, Russia’s Ministry of Economic Development proposes a number of exceptions to the current laws ‘on Bank and Banking Activities’ and ‘On the Central Bank.’ Also, the Ministry suggests that participants of the sandboxes be exempt from a range of requirements aimed at financial institutions.
If the bill is approved, the sandbox participants may also count on easing currency regulation and supervision. They will have the right not to follow the current rules on foreign exchange transactions between residents and non-residents”