RAKIB president Yuri Pripachkin criticised Russia’s regulators, which have failed to bring the domestic crypto market out of the shadows. сообщает RBC-Crypto.
Pripachkin cited President Vladimir Putin’s instruction of 21 October 2017, in which he asked that by 1 July 2018 concepts and the status of financial digital technologies be defined. The measures adopted since then, according to the head of RAKIB, are half-hearted and not aimed at a systemic policy framework for digital assets.
«From the perspective of regulating the crypto industry in the Russian Federation, in the view of its professional representatives, nothing has been done to bring the domestic segment of this market, which accounts for more than 10% of the world, out of the shadows.»
The head of RAKIB added that although cryptocurrency is legalised in Russia, the rules for its issuance and circulation are still not defined. In particular, he pointed to the absence in regulatory documents of the concept of “smart contracts”, the procedure for registering miners and the taxation of mining.
According to Pripachkin’s calculations, due to the “slowness and opacity” of current legislation, the budget of the Russian Federation loses $250 billion (about 18 trillion rubles).
As noted, in Russia the turnover of digital assets is regulated by the law “On DFA.” It recognises cryptocurrencies as property and prohibits using them to pay for goods and services on the territory of the country.
Earlier Russian billionaire Oleg Deripaska called on the Bank of Russia to take cryptocurrency seriously.
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