Results of the Blockchain Life Forum: Which Way Will Cryptocurrency Regulation Go?

The situation around cryptocurrency legislation in Russia is developing dynamically. At the autumn Blockchain Life forum, the consideration of the issue of digital currencies by the state was just announced. Today, the participants of the event were already discussing with might and main possible improvements to the draft law of the Ministry of Finance. And the forum once again proved its necessity as a platform for discussion between the Russian crypto community and the state.

What interesting things were said?

In his speech State Duma, Deputy Andrey Lugovoy noted that experts from the working group on the issue of legislative regulation of cryptocurrencies plan to amend the bill from the Ministry of Finance and submit an updated document in 2-3 days. Among the changes discussed are the appointment of the Federal Tax Service as the regulator instead of the Central Bank and tax incentives for miners. The expert noted:

By this summer, we have every chance to submit a bill to the State Duma. We will move from words to deeds.

Blockchain Life founder Sergey Khitrov stated the need to take into account the position of the crypto community and formulated his proposal to improve the bill.

His main theses:

  • Mining regulation (2-4% mining tax).
  • Licensing exchange operators or creating your own.
  • Withdrawal tax 4% and KYC.
  • Registration of the crypto industry as a type of entrepreneurial activity.
  • Voluntary declaration.
  • Legalization of payment by cryptocurrency on the territory of the Russian Federation (you can start with legal entities).

What is most interesting, the forum participants had the opportunity to hear the answer of the Ministry of Finance. Director of the Financial Policy Department of the Ministry of Finance of the Russian Federation Ivan Chebeskov commented on Sergei’s proposal, agreeing with some of the statements. However, the expert also emphasized the firm position of the department – it is not yet worth expecting the use of cryptocurrencies as a means of payment within the country, but international settlements with their help are more than real.

Also Read: Blockchain Games Raised $2.5B in Q1 2022

The experts agreed that 2022 will be the beginning of a new stage for the industry in Russia. The discussion can be summed up in the words of one of the speakers, Internet Ombudsman Dmitry Marinichev:

Today, the cryptocurrency industry is incredibly relevant for Russia, because the country has a chance not only to abandon the dollar, but also to turn the worldview of people around the world.

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