ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Friday Dec 15th 2017
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Putin Instructs Government To Prepare Legislation On Token Offerings, Cryptocurrency

By

Adam

Reese

WriterETHNews.com

Russian head of state Vladimir Putin has tasked his government with passing legislation that would regulate token offerings and cryptocurrency mining, and establishing legal definitions for various digital assets.

In an October 21 press release, Russian President Vladimir Putin issued a series of directives instructing his government to draft legislation that would regulate many aspects of the blockchain space. This is consistent with a statement he made on October 10 suggesting the need for deeper state involvement in the sector.

According to the document, Putin has tasked the country’s prime minister, Dmitry Medvedev, and central bank head, Elvira Nabiullina, with overseeing the passage of certain changes to Russia’s legal code by July 1, 2018. These include laws that would establish official definitions for a variety of digital tools and assets, including distributed ledger technology (DLT), cryptocurrency, executable distributed code contracts (colloquially known as smart contracts), as well as “‘digital letters of credit’ [and] ‘digital mortgage,’” according to a translation. The pair will also be responsible for legislation that defines a codified framework for cryptocurrency mining (including how miners would be registered and taxed) and for measures that regulate token offerings (or ICOs) in a manner similar to the laws that govern the sale of securities during initial public offerings.

Putin also set a December 20, 2017, deadline for Russia’s government and central bank to submit proposals for a Bank of Russia-backed sandbox, where “innovative financial technologies, products and services” would be explored and accompanying regulations could be developed.

Additionally, he requested that the two bodies submit proposals for “the formation of a single payment space for the member states of the Eurasian Economic Union” that would integrate “new financial technologies,” including DLT, by March 30, 2018.

The announcement came a week after Russian Minister of Communications and Mass Media Nikolai Nikiforov declared the nation’s intention to issue a state-backed cryptocurrency in a closed-door meeting on October 14.

Adam Reese

Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam is a full-time staff writer for ETHNews and holds value in Ether and BTC.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Vladimir Putin, Dmitry Medvedev or other Ethereum law and legislation news.