Russian Association of kryptonyte and blockchain (RAKIB) said that the adopted by the state Duma in the first reading the draft laws on bitcoin, exclude the development of blockchain-industry in the country, they will not attract investment capital in Russian startups, small and medium business. In this regard, in RAKIB will develop its own package of amendments to existing legislation.
“Users should have the right to issue tokens proving the right of claim arising from any civil transactions, except those the identity of the rights which are regulated in a special way (e.g. real estate transactions),” — said in RACIB.
Should also be allowed transactions in a decentralized blockchain, working directly between the owners of the tokens and cryptocurrencies, and not through specialized operators, experts say. They propose to enter legal circulation of cryptocurrencies to develop a special mechanism to identify owners of digital assets and system of remote recognition of participants in such transactions. The Association recommends the inclusion of new objects of civil rights in the civil code and to take into account peculiarities of taxation of income/profit arising from transactions with cryptocurrency/tokens in the tax code.
In addition, to include the definition of “mining” in the law “On information, information technologies and protection of information”, enter a description of the procedures KYC (Know your customer), AML (anti-money laundering of illegal income) to the law “About counteraction to legalization (laundering) of incomes obtained in a criminal way and financing of terrorism”. Also give the definition of payment services with use of cryptocurrency in the law “About national payment system” and include a simplified procedure of issue and circulation of token that has characteristics of securities law from 22.04.1996 N 39-FZ “On securities market”. Changes to these regulations are expected to make a package.