Members of the Russian crypto community claim the rules go too far and are not synchronized with the legislation introduced in the Duma. “Mincomsvyaz should not be managing these financial platforms,” said Arseniy Shteltsin, executive director of the Russian Association of Cryptocurrencies and Blockchain.
Two bills aimed at regulating the digital economy have been filed in the lower house of Russia’s parliament. The draft law “On Digital Financial Assets”, authored by the Finance Ministry, legalizes initial coin offerings along with other crypto-related activities.
Critics also fear that the decree prepared by the Telecom Ministry will force Russian companies to organize their coin offerings elsewhere, in more favorable jurisdictions. “We haven’t seen a single ICO in Russia. All token sales are conducted abroad”, Artem Inyutin, managing partner at TMT Investments, told Kommersant.