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CWT experts prepare proposals on changing RF legislation on the use of cryptocurrency

On Sunday, April 2, the meeting of expert council of the International Public Movement Change the World Together (CWT).

 

The Expert Council of the International Public Movement Change the World Together (CWT) has developed legal proposals for government working groups engaged in the development of legislative initiatives in the sphere of legal regulation of cryptocurrency in the Russian Federation.

According to Chairman of the Board of CWT Aleksey Muratov, at the moment there are four officially acting groups in Russia that are working on drafting legislative initiatives in the sphere of cryptocurrency legal regulation. "This is an interdepartmental commission of the State Duma, acting as the central regulator of legislative initiatives, a working group of the RF Central Bank, primarily engaged in monitoring legal regulation of cryptocurrencies in other jurisdictions, a working group of the RF Ministry of Finance and the Center for Strategic Developments. As the participants state, by the autumn session of State Duma it is planned to prepare the first separate bill in the world regulating legal relations in the sphere of digital objects of law, cryptocurrencies and application of related technologies in the territory of RF. Therefore, now the participants of cryptocommunity of the Russian Federation should hasten to make their own proposals, especially in the light of given legislative initiatives," Aleksey Muratov said.

He also noted that at the moment there is no single law in the world that regulates the cryptocurrency market. "Statements by officials often act as a regulatory law, individual by-laws, court decisions relating to cryptocurrencies. And this applies to such countries that have the greatest influence on the formation of legal practice on the rights of the world's largest economies, such as RF, China, the United States, Japan, the EU countries. Moreover, cryptocurrency is still considered by most state regulators as a commodity (a mean of exchange, an investment instrument) which is not money. However, gradually the attitude towards electronic money in the world is changing, which makes it necessary to introduce appropriate changes in the legislation," Aleksey Muratov specified.

Speaking of the Russian legislation, Aleksey Muratov drew attention to the only official document – the letter of the Federal Tax Service N OA--18-17/1027 dated October 3, 2016. ʺAccording to the letter, the current legislation of the Russian Federation does not expressly prohibit citizens from carrying out transactions using cryptocurrency. However, transactions involving the usage of cryptocurrency can also be attributed to transactions involving the legalization of proceeds of crime and terrorist financing, as well as to illegal currency transactions. However, there are no precise definitions of “monetary surrogate”, “cryptocurrency” and “virtual currency” in the Russian legislation,ʺ Chairman of the Board of Change the World Together emphasized.

Moreover, he said that some governments had proposed more stringent enforcement actions. ʺThus, the Ministry of Finance of the Russian Federation has taken the initiative to amend the Administrative Offenses Code, which imply an administrative punishment for cryptocurrency transactions in the territory of Russia, and the Investigation Committee and the Public Prosecution Office have even allowed criminal liability. But fortunately for the members of the cryptocurrency market in Russia, these proposals were not submitted in the Duma as draft laws,ʺ Aleksey Muratov said.

According to him, it was really necessary now to amend the Russian Federation's legislation not for increasing the legal liability, but for settling the cryptocurrency on the market. ʺOur expert council believes that it is now necessary to pay attention to the following articles of the Russian Federation’s law related to money turnover: Art. 27 of the Federal Act on Central Bank of the Russian Federation: Art. 140, para. 1 of the Civil Code of the Russian Federation: Art. 131 of the Labour Code of the Russian Federation,ʺ Chairman of the Board of CWT explained.

He also recalled that any supporter of Change the World Together could share his views on the matter with the expert council. ʺYou can also join our initiative by sending your proposals to the expert council’s mail experts.top@cwt.top or leaving them in comments section on our official website http://cwt.top/. We are open to any proposal and will necessarily bring it up for discussion,ʺ Aleksey Muratov summed up.

Source: CWT News

  • April 3, 2017 12:21 PM MSK
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