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Russian parliamentarian believes that Digital Crimea programme will help companies to avoid sanctions

The Head of the State Duma’s Committee for Financial Market Anatoly Aksakov stated that the Digital Crimea programme will help Russian business to circumvent sanctions. He also added, that Russian parliamentarians are now considering the idea of “digital residency”.

As noted by Aksakov, the national programme for digitalization of Russian economy may provide businesses with certain means of bypassing international sanctions:

“I’m looking forward to the Digital Crimea programme now. Among other things, we are now working on certain legal standards which would allow to conceal the actual place of incorporation of a company, so that it could not be traceable. This is intended to deflect sanctions imposed by the West”.

According to the official, the State Duma also considers the implementation of the system of “digital residency”, that is going to be in line with the “international practice”. The project for digitalization of Crimea will expectedly allow businesses headquartered outside Russia to “register remotely and become digital residents of the Free Economic Zone”, established in Crimea back in 2015.

Digital Crimea programme was developed jointly with the Russian Association of Blockchain and Cryptocurrency (RABAC) and other experts. It suggests a wide range of measures, such as attracting investments by means of ICOs.

The local government has previously emphasized that Crimea could turn into a “sandbox” before applying the programme to the rest of Russia:

“Many of the ideas underlying the concept are innovative and require some pilot testing first… After pilot run in Crimea, they could be then replicated countrywide”.