Investments of Ethereums and Bitcoins into tokens will be regulated by the State Duma of the Russian Federation

Investments of Ethereums and Bitcoins into tokens will be regulated by the State Duma of the Russian Federation

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Amendments to the civil legislation allowing to carry out ICO in the Russian Federation have been developed by members of the interdepartmental working group on risk assessment of the turnover of the cryptocurrency.

The exact terms of implementation of the foregoing amendments are not specified yet.

The working group regarding this field was created in the State Duma of the Russian Federation. One of its main tasks is to develop amendments to the legislation, which will allow all investments involving cryptocurrency to be legalized.

Elina Sidorenko, professor of the Moscow State Institute of International Relations, has stated the abovementioned earlier in her interview to a newspaper. She participates in drafting of the bill.

According to her opinion, the legislation has gaps that do not allow to legally regulate the contracts concluded within the framework of Initial Coin Offerings (ICO). Problems with regulation in the Russian Federation also concern the field of crowdfunding.

Investors in ethereums and bitcoins obtain tokens from the company, and tokens constitute another cryptocurrency, which can be exchanged for products from the company conducting ICO.

Over the past year, there have been more than 150 ICOs in the world. Their total value has already passed beyond $ 500 million mark.

According to the opinion of certain financial analysts, the State Duma of the Russian Federation needs to develop legislative mechanisms for verifying these contracts and identifying the users.

Legislative mechanisms are necessary to protect the rights of holders of tokens regarding the fulfillment of obligations on the part of issuers. Once the law on cryptocurrencies is adopted, it will be necessary to introduce all the necessary amendments into the law.

The working group also considers the issue of necessity to provide a specific legal definition of such term as "cryptocurrency", as well as determine whether it is necessary to adopt a separate law on cryptocurrency or it wold be sufficient to introduce the necessary amendments to the laws regulating the payment system.

The role of IT companies

Some large IT companies actively participate in elaborating the laws on "digital economy", because to date Russian legislation is not sufficiently developed in this area.

Particular attention is paid to the issue of regulating the sphere of cybermoney, since the positioning of the cryptocurrency in the market and the responsibility for it are unresolved issues.

Not only members of the parliament and IT companies work on the legislation on "digital economy", some countries having positive experience in this sphere act as consultants (South Korea, China, India).

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