The Ministry of Economic Development of the Russian Federation is said to have drafted a law that would allow for the testing of blockchain and cryptocurrency developments within a special regulatory sandbox.
This became news only shortly after a legal executive at the Bank of Russia declared that the country’s digital assets legislation would place a ban on the circulation and issuance of cryptocurrency.
Mapped by regulatory uncertainties with Crypto, a federal ministry in Russia introduced legislation structured to legalize blockchain and crypto using a regulatory sandbox.
According to news source, the draft law was introduced to the State Duma, the lower house of the Federal Assembly of Russia on March 17.
News agency reports that the trial law would be with regards to digital technologies and would be infused into eight industries which includes healthcare, financial markets, trade, transport, distance learning, construction, manufacturing and government services.
The draft law would unlock experimental testing of projects like unmanned vehicles, remote diagnostics as well as personal data usage without written consent.
The responsibility of regulating the sandbox would be saddled by the Central Bank of Russia. Reportedly, crypto and blockchain participants of the regulatory sandbox would be granted regulatory relief regarding reserve funds, minimum size of capital and reporting. Although sandbox users would be exempted from the country’s foreign exchange law.
Prior to now, Russia’s bill on Digital Financial Assets prohibits almost everything concerning Crypto. And although President Vladimir Putin had ordered the immediate adoption of the bill two times since its inception in 2018, this has yielded no result.