Russian President Vladimir Putin Mandates New Rules For Cryptocurrencies And ICOsNovember 9, 2017 6:35 pm
New cryptocurrency regulations – including registration requirements for miners and the application of securities laws to initial coin offerings (ICOs) – have been mandated by Russian President Vladimir Putin, Coindesk.com reported Thursday.
The Kremlin published five orders from Putin over the weekend, representing perhaps the most direct move to date by the Russian government to oversee activities around the tech, the report said.
Putin’s new mandates establish new legal structures around cryptocurrency within Russia, but in addition, they establish a plan to use cryptocurrency to create a “single payment space” within he Eurasian Economic Union, which features Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia as members.
Russia intends to apply rules for the ICO use case, through which tokens are sold to bootstrap a new blockchain network, the report said.
Putin also ordered the government develop a system for cryptocurrency miners to register and pay taxes on their income.
Russia’s national legislature, the State Duma, would be tasked with developing legislation that regulates cryptocurrency activities, the report said.
– WN.com, Jack Durschlag