Russia prepares to test crypto in “regulatory sandboxes”

by in Blockchain News

Russia regulatory sandbox crypto

In Russia, cryptocoins and blockchain can be tested within the framework of “regulatory sandboxes,” follows from a bill prepared by the Ministry of Economic Development. This is reported by Izvestia.

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The bill was submitted to the State Duma on March 17. According to it, the experimental legal regime will be applied to digital technologies, which can subsequently be introduced into medicine, the financial market, trade, transport, distance education, construction, industry or the public services sector.

The list of norms from which mandatory the residents of the sandboxes will be exempted is contained in a separate document, without which the main bill does not work.

For example, it provides for exemptions from the laws “On Banks and Banking” and “On the Central Bank” when testing blockchain and crypto technologies.

In addition, the legislation on foreign exchange transactions, including non-residents, will not apply to residents of sandboxes under the experimental legal regime.

The Central Bank of the RF will regulate the "sandbox" in the financial market.

Recall, the final version of the bill on "regulatory sandboxes" was published in July. It was expected to be received last year, but this did not happen.