Vladimir Putin Directs New Regulations for Cryptocurrency, ICOs

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Vladimir Putin has directed new rules around cryptocurrency, which include registration requirements for miners and security laws on initial coin offerings (ICOs).

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“The Government of the Russian Federation, in conjunction with the Bank of Russia, shall ensure that changes are made to the legislation of the Russian Federation providing for… the determination of the status of digital technologies used in the financial sphere and their concepts (including such as “technology of distributed registries”, “digital letters of credit”, “digital mortgage”, “crypto-currency”, “token”, “smart contract” “) based on the obligation of the ruble as the only legal tender in the Russian Federation.”

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One of the new orders mandates the conception of an ostensible regulatory “sandbox,” or an outline within a startup where businesses can test products in restricted situations.

Some nations, including the United Kingdom, have arranged economic focused sandboxes that have involved numerous blockchain correlated companies thus far.

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