Natalia Kostenko: we need to accelerate work on the regulation of cryptocurrencies

The Chairman of the Duma Committee for the control and regulation Natalia Kostenko urged the state Duma to speed up work on the legal regulation of cryptocurrencies, providing a complete Toolkit to protect citizens from cyberhawks.

Earlier, the Deputy appealed to the Prosecutor General, the Bank of Russia and Rospotrebnadzor with the request to assess the legality of the Russian sites for the extraction of crypto currencies.

Central Bank announced that powers to block such sites it are missing, as well as legal restrictions on the treatment of cryptocurrencies in Russia.

«The CPS has spoken about in the same vein: prior to the introduction into Russian legislation of special rules he is powerless to do anything to protect citizens from cryptomnesia, although interested and willing to actively participate in the development of regulation in this sphere», – said Kostenko. The Prosecutor General’s office has not yet responded.

«Made by the Bank of Russia and Rospotrebnadzor position about absence of legal grounds for the blocking of sites for the sale of cryptocurrency is a demonstration of the practicability of the early adoption of the bill governing the treatment of cryptocurrencies, and defining its legal status,» – said Kostenko.

She stressed that the presence of the regulator, which must not stand aside and solve the problems once citizens became victims of unfair practices with evidence of «financial pyramids».

«The current regulatory framework is sufficient for the detection of such schemes mislead consumers of financial services, the Supervisory authorities should promptly respond to such violations and avoid the mass deception of the citizens, to prosecute dubious companies offering to invest to cryptocurrencies,» – said parlamentari.

The politician believes, the draft law on digital assets should be distributed not only on investors and entrepreneurs, but the main users of the cryptocurrency – of ordinary citizens.

«The law on digital assets also need to determine the requirements for advertising information, containing a proposal to «earn» on the cryptocurrency, including allowing pre-trial blocking of sites that mislead citizens and contain signs of fraudulent activity. These provisions will allow for a timely pre-trial to suppress the illicit circulation of cryptocurrency and thus, to protect the savings of citizens of our country», – said Kostenko.

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