Russian Deputy PM Says Crypto Price Downturns Justifies Cautious Regulation

Russian Deputy Prime Minister Maxim Akimov recently indicated to reporters how cryptocurrency price downturns over the year have justified a more cautious regulatory mindset, according to Finmarket.ru.

The Russian State Duma looked over a package of draft laws concerning cryptocurrency, crowdfunding, and digital rights back in May of this year,

Akimov said there were no big amendments to the pieces of legislation after a meeting of the Russian Union of Industrialists and Entrepreneurs in October.

The Deputy Prime Minister told Finmarket.ru how “We adhere to the position that has been worked out at the site of the two committees (the State Duma) – the Finance Committee and the Civil Law Committee.”

Arguing For Digital Law As A Separate Right?

The Russian Union of Industrialists and Entrepreneurs, which includes a digitalization coordination board led by Vladimir Potanin, expressed some dissatisfaction with the pieces of legislation first read back in May.

Potanin, also the President of Norilsk Nickel and Interros, questioned why the legislation said digital law was considered a separate right even though the processes could most likely be seen from traditional civil law.

He also said there needed to be a more concise regulatory framework for tokens.

Potanin argued digital assets should be broken into three parts with different regulations. This includes “issuing tokens close to uncertificated securities, digital signs (rights to purchase goods and services) and cryptocurrency,” according to Finmarket.ru.

Stablecoins On The Horizon?

When asked about potential stablecoin regulations, the Deputy Prime Minister said officials were trying to introduce the concept into civil legislation “very carefully.”

Potanin is also working on a stablecoin project through Norilsk Nickel to help raise money to fund projects and “”market a cryptoasset with less volatility than the well-known cryptocurrency [bitcoin], and a more obvious connection with real values.”

CryptoGlobe reported how the announcement came about a week before a Russian State Duma committee leader said he was “convinced…a secured cryptocurrency” would come from Russia’s central bank.