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Experts believe Russia not ready for crypto assets

September 22, 16:09 UTC+3 MOSCOW

The state and the market are not ready for legalization of crypto assets, according to experts

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© Vyacheslav Prokofiev/TASS

MOSCOW, September 22. /TASS/. The state and the market are not ready for legalization of crypto assets (cryptocurrencies and tokens issued at the ICO) in Russia, Anatoly Aksakov, Chairman of the Russian State Duma’s (lower house of parliament) Financial Market Committee, and Elina Sidorenko, Head of Inter-Agency Working Group for assessment of crypto currency turnover risk and an expert of the State Duma, said.

Anatoly Aksakov considers it possible to focus the discussion not on legalization of cryptocurrencies, but on legalization of crypto assets, including both cryptocurrencies and their analogues, tokens. He added that the lack of a single terminology itself demonstrates that Russia is not yet ready for the move.

"Currently, (the state and the market - TASS) are not ready, of course. Meanwhile, almost all state institutions are actively exploring the system. The Communication Ministry, the Central Bank, VEB, energy companies, I know that Rosneft is involved in it. There is no shaped position, but the issue is being studied and I am sure that quantity will turn into quality soon," he said.

According to the head of the State Duma's Financial Market Committee, a work group was set up within the committee in September to draft and submit documents on crypto assets regulation to the lower house already this fall.

Elina Sidorenko assumes that the first issue that should be tackled is the lack of a single position of regulators. "The Finance Ministry is convincing us that this should be a cluster-type closed environment, the Central Bank considers it to be quasi-money, while the State Duma is assuming absolutely reasonable efforts to form a certain flexible policy. We do not have a single understanding, a consensus, which is always required in a de-centralized environment," she said, adding that "one may talk about legislation once a consensus is obtained.".

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