Deputy MAYOR: the bill of the Ministry of Finance on cryptocurrency needs improvement

The bill of the Ministry of Finance on the regulation of cryptocurrencies in need of discussion and refinement, stated Deputy Minister of economic development, Savva Shipov.

«The main point is that in the project of the Ministry of Finance, there is no coherent regulatory models digital of financial assets. Not entirely clear what is the objective of this document: to create a competitive jurisdiction, calculate and consolidate all related to the turnover of cryptocurrency risks or to limit the number of participants associated with these relations», – he said.

According to Shipov,a similar position was expressed at the meeting of the Expert Council for legislative support of the development of financial technologies at the state Duma Committee on financial markets.

«There are questions to conceptual framework of the bill. Even the definitions that are named, such as «cryptocurrency», «token» or «digital wallet» is not always correctly describe the essence of the referred phenomena. No classification of types of crypto-currencies and tokens. If we are talking about mining, we should first understand what we mean by hashing, as described, not every action leads to a reward in the form of cryptocurrency. On the other hand, you need to resolve the tax issues in cases where we know about making a profit, and to establish requirements for persons engaged in entrepreneurial activities with digital of financial assets,» he said.

The official stressed that the focus of the bill is paid to regulation of manufacture and circulation of tokens.

«Inherent in the model turnover capacity digital of financial assets is limited because it does not allow their transfer to third parties, and, accordingly, investors cannot implement their investment. We propose to revise these provisions to empower the owners of tokens to dispose of the acquired assets. We also want to discuss the question whether restrictions on the acquisition of unskilled investors of tokens in the amount of 50 thousand rubles under one issue. How it will provide this restriction in practice? How should relate to cryptocurrency, and 50 thousand – how many crypto-currencies?», – says Shipov.

He reported on the preparation by the Ministry’s official opinion on the bill, which will be submitted to the government soon. The document will be considered by the SKOLKOVO Foundation, which is a competence centre on the legal regulation of the digital economy and the relevant working group ANO «Digital economy».

Speaking about the initiative for the creation of offshore companies for trading with cryptocurrencies in Russia, Shipov expressed his disagreement with the term itself.

«The term «offshore» in relation to the sector is not very good. It should rather be about how to create a special legal framework for trafficking in cryptocurrencies, which, on the one hand, would allow to experiment, and with another — would not bear a serious risk to the rights and interests of all the parties involved and the economy as a whole,» he said.

For this experiment, the official proposes to use the so-called sandbox legal — special legal regimes which, though in a limited area, allow us to go beyond the standard legal framework.

«The creation of such «legal sandbox» provided by a separate order of the President and plan for the regulatory program «Digital economy». As a pilot site for the introduction of cryptocurrency, you can use the already existing area with special legal regimes, such as the special economic zone of technical innovation type, where the requisite infrastructure, including technology transfer centers, data centers, technology parks and business centres,» he said.

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