Category Archives: Ministry of Economic Development

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Russian Deputy Minister Discloses Crypto Plans for Offshore Development

Russian Deputy Minister Discloses Crypto Plans for Offshore Development

The Russian deputy minister of economic development Ilya Torosov has mentioned that a new package of measures for the improvement of Russian offshore will affect ships and digital assets, according to local news outlet TASS.

The Special Administrative Regions (SAR) was developed last year by the Ministry of Economic Development as part of its “Russian offshore companies” initiative, and now, it intends to include exemption from certain taxes of resident ships, as well as provide special regulation of digital assets alongside the issuance of different shares types. Torosov said in an interview:

“We are working on the issue of exemption of ships registered in the Russian open registry of ships owned by residents of the SAR, from VAT, income tax, transport tax, property tax. We also discuss lower insurance premium rates […] Plus features of the regulation of digital assets.”

According to the news outlet, there might be a possibility of using cryptocurrency since the new development suggests the implementation of features found in the regulatory framework of digital assets. Accordingly, the minister said: “It is clear that this is a cryptocurrency, but for now we are talking more generally.”

The Russian Federation has been working towards a crypto-inclusive economy for a while now. Several opinions and proposals have been brought forward.

The chairman of the financial market committee in Duma Anatoly Aksakov called cryptocurrencies “ambiguous,” further suggesting that they weren’t needed. The Russian Minister of Justice Alexander Konovalov also opined on the early implementation of crypto-related legislation since the digital asset wasn’t a legal tender in the country. Other suggestions such as oil-backed crypto have also been proposed by Energy Minister Igor Yusufov.

In late February, President Vladimir Putin finally instructed two of his cabinet members, Volodin Vyacheslav Viktorovich and Medvedev Dmitry Anatolyevich, to facilitate the development of a cryptocurrency legislature latest by 1 July, putting a rest to the matter.

 

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Italy Hires 30 Experts to Man New Blockchain Task Force

After signing a declaration with six other EU states this month to integrate blockchain into European economies, the Italian Government has taken a bold step further by manning its new blockchain advisory board with 30 experts.

All the major board members come from the industry: Angiolini Giorgio, head of marketing portfolio at a telecom firm Italtel and also a member of UN INFO’s blockchain group; Monaco Marco, leader of the blockchain competence center at PwC Italy; Pimpinella Martino Maurizio, president of the Italian Association of Paying Services Providers; and Vitale Marco, president of blockchain firm Quadrans Foundation.

The board has been in the pipeline since September 2018 when The Ministry of Economic Development called for more government focus to “know, deepen and address the issue of distributed ledger technologies (DLT) and blockchain, as well as increase public and private investments in this direction.

This view was highlighted by comments at the end of last year from Italy’s deputy prime minister Luigi Di Maio, when he suggested that: “Emerging technologies such as artificial intelligence and blockchain are destined to radically change our lives, the society in which we live and the economic and productive fabric of the country. We have to decide which way to go.”

Italy became the 27th nation to sign the agreement to join the European Blockchain Partnership since its conception earlier this year in April. The partnership has grown from 22 nations since its launch. Initially, the EU had launched an EU Blockchain Observatory and Forum, subsequently investing more than EUR 80 million in blockchain projects. A further EUR 300 million has been allocated over the next four years.

The main aims of the new Italian advisory group are to examine future use cases for blockchain in both public and private sectors and establish appropriate tools for governing its use.

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