A new chamber for Crypto disputes is being launched by the Arbitration Center at the Russian Union of Industrialists and Entrepreneurs (RSPP).
The new board will be responsible for dealing with disputes and issues arising from the growing crypto industry in Russia.
Crypto Board to Manage Disputes
The Russian news outlet, Kommersant reported on Wednesday (Oct 31) that the RSPP are creating the new crypto dispute board to deal with cases related to blockchain tech, ICO projects, and smart contracts. Experts cited in the report suggest that crypto-related cases are expected to increase up to 40 times over the next five to ten years in Russia.
Kommersant reported that the new group is going to be headed up by Elina Sidorenko, who currently works for a Duma group that has been researching the risks of crypto assets. Sidorenko has stated that the framework for the Crypto dispute board has already been prepared.
Sidorenko believes that Russia’s courts are in for some serious challenges as the rapid growth of crypto-related cases rises with smart contracts creating a majority of the problems. Addressing the ongoing issues, she told Kommersant:
The courts are now facing a lot of problems, including the lack of regulatory mechanisms to protect the rights of citizens, who create and apply digital technologies, and the ability to accept digital data as a new type of evidence.
Protecting Potential Investors
As with the majority of regulatory measures in regards to the crypto markets, the main cause of concern is protecting potential investors. Sidorenko believes that entrepreneurial interest in crypto will only increase if the issuers of smart contracts are forced to tow the line and be legally responsible for their actions.
The RSPP want to tackle the legal complexities of blockchain and crypto adoption with the creation of an independent body that can manage legal framework pertaining to the industry.
Members of the RSPP include mineral mining billionaire Vladimir Potanin and Viktor Vekselber who is the head of Skolkovo, a Russian innovation fund. The RSPP announced they were already working on a proposed crypto bill in September. The bill was then sent to Russia’s prime minister, Dmitry Medvedev.
The government edited the already drafted law, which now lacks crypto regulatory terms pertaining to mining and the adoption of cryptocurrency.