Vladimir Putin has approved a timeline for a framework for initial coin offerings (ICO) and cryptocurrency mining. It will regulate the ICO and mining operations.
Putin Orders to Regulate ICOs
According to some documents published by Kremlin, Putin signed many orders which are intended to regulate cryptocurrency in the country. It must be noted here that Prime Minister of Russia, Dmitry Medvedev, and chief of the central bank, Elvira Nabiullina are mandated to draft these regulations.
The Prime Minister has been given two more responsibilities. One is to implement such regulations which will require cryptocurrency mining operations to register with the Government and figure out a way to tax the income earned from these activities. The second responsibility is to discover the legal status “based on the obligation of the ruble as the only legal tender in the Russian Federation”. He has to complete these tasks by July 1, 2018.
Finally, the government will be establishing a sandbox which will allow the central bank to add regulations for cryptocurrencies and other such products and also draft a proposal for “single payment space” to facilitate the member states of the Eurasian Economic Union (EAEU).