Ministry of Economic Development will allow testing cryptocurrency and blockchain in “regulatory sandboxes”

Russian Ministry Wants to Test Crypto and Blockchain in Regulatory

The Ministry of Economic Development has prepared a bill that will allow participants «regulatory sandboxes» experiment with cutting edge digital technologies including blockchain and cryptocurrency.

Reportedly «News», the norms will apply to distance medicine and education, unmanned vehicles, fintech, trade, construction, industry and government services.

Ministry of Economic Development will allow testing cryptocurrency and blockchain in 'regulatory sandboxes'

Deregulation will affect some provisions of the laws «About banks and banking» and «About the Central Bank», which will allow residents of experimental legal regimes to test cryptocurrencies and blockchain projects.

Additionally, they will receive exemption from the requirements of the minimum level of authorized capital, reserve funds, transfer of reporting to the Central Bank, and will also be able to count on softening currency regulation and control, ignore some provisions on operations with currency and its import / export.

However, their activities will be monitored by the Bank of Russia and, despite the possibility of granting benefits, each application will be considered and agreed upon on an individual basis. At the same time, such factors as the level of risks and the degree of importance for individual citizens, society as a whole and the state will be taken into account..

The bill was submitted by the government to the State Duma on March 17 and is now being coordinated with the federal executive authorities and the Central Bank..

Recall that in February, the Bank of Russia announced on the successful completion of testing of the blockchain platform for asset digitization developed by «Norilsk Nickel».

text: Ivan Malichenko, photo: NGS

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