Category Archives: Russian Union of Industrialists and Entrepreneurs

Auto Added by WPeMatico

Russian Industrialist Union Launches Arbitration Body for Crypto Disputes

A Russian lobby group has run out of patience waiting for cryptocurrency regulation and has decided to formulate its own regulatory group to deal with disputes.

The Russian Union of Industrialists and Entrepreneurs (RUIE) normally lobbies for the cryptocurrency sector regarding regulation and fintech infrastructure but has now taken another step further by forming an arbitration group.

The group will extend the breadth of its usual scope and attempt to handle disputes arising from cryptocurrency transactions, smart contracts and token sales. In order to deliver an efficient and informative service, the RUIE has called on expert advice from with the sector.

The main problem appears to be the volume of cryptocurrency queries and disputes jamming Russian courts. A recent example involved a church in Irkutsk, Siberia’s largest state, which was taken to court for draining too much power from the local grid through crypto mining. In another major case, the St Petersburg City Court lifted a block on crypto media website Bitcoininfo.ru, after the District Court shut down its site in July 2016.

The same St Petersburg court annulled a trial court decision to ban 40 other Bitcoin-related websites, previously accused of spreading information about digital currency that “is not backed by any real asset and does not provide information about its owners”.

The Russian government is reviewing cryptocurrency regulation under the Digital Assets Regulation Bill filed on 25 January. The bill defines cryptocurrencies and tokens as digital financial assets. If the bill passes in its current form, it would allow trading on cryptocurrency exchange operators with authorized Know-Your-Customer (KYC) standards. This would also apply to initial coin offerings (ICOs) established in Russia.

Until then, bodies such as RUIE can certainly plug the gap left by regulators’ standoff approach to dealing with disputes needing some kind of arbitration. However, appeals do continue to find favor with the courts. The new body claims that it will have a broader remit settling disputes across the whole crypto sector although will have no recourse to changing current laws pertaining to cryptocurrencies.

The body will convene for the first time early next year.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Russian Industrialist Union Launches Arbitration Body for Crypto Disputes appeared first on BitcoinNews.com.

Russian Lobbyists Push Alternative Crypto Regulation Bill

A lobby group in Russia is actively working to push an alternative cryptocurrency legislation bill, which they say addresses the contradictions set in the government’s drafted ‘On Digital Financial Assets’ bill.

The Russian Union of Industrialists and Entrepreneurs (RSPP) want to give cryptocurrency a special status, entrusting their regulation solely to the country’s central bank. The document they presented separates digital assets into three groups: tokens, which are equivalated to securities, cryptocurrencies, and so-called ‘digital signs’. It also sets out the rights of cryptocurrency exchanges and holders.

Behind RSPP’s bill proposal are some of Russia’s wealthiest business personnel. The group is headed by the president of the mining and metallurgical company “Norilsk Nickel” Vladimir Potanin. Other members include the head of Rostelecom Mikhail Oseevsky and the president of the Skolkovo fund Viktor Vekselberg. They say they have sought expert counsel from members of the government, including the State Duma of the Russian Federation.

Local media outlet Forklog reports that Potanin’s deputy Elina Sidorenko discussed the subject at lengths, saying that all of the composers of the bill are interested in promoting ”safe business.”

She detailed that On Digital Financial Assets, particularly parts one, two and four of the Civil Code of the Russian Federation, as well as On Alternative Methods of Attracting Investments (crowdfunding), as contained in the initial draft proposal, is both crude and at odds with one another.

The lobby group hope their bill will be considered as a solution to these issues: “The project, proposed by the working group of the RUIE, is a legally balanced golden mean between the bills” On the CFA and On Amending the Civil Code of the Russian Federation “…and neutralizes the contradictions in them. It is designed by taking into account the western trends and the current Russian legislation.”

On the matter of cryptocurrencies, she says they hope to give them a special status never seen before in Russian law and that the central bank should issue operational licenses for exchanges. Ownership of cryptocurrencies should be very similar to the ownership of securities, she added.

The document is currently being negotiated within the Russian Union of Industrialists and Entrepreneurs, and in early October it is scheduled to be discussed with state body representatives.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Russian Lobbyists Push Alternative Crypto Regulation Bill appeared first on BitcoinNews.com.