Home News State Duma supported the creation of regional sandboxes for testing crypto technologies

State Duma supported the creation of regional sandboxes for testing crypto technologies

Russian Ministry of Economic Development drafted a bill on testing crypto tools in the regions. The State Duma has already supported the said initiative, as reported by the Head of the State Duma’s Committee for Financial Market Anatoly Aksakov.

The Ministry plans to create a number of regional sandboxes aimed at the implementation of modern technologies which are not yet regulated by the current law. In order to do so, the institution came up with a specialized draft law “On Experimental Legal Regimes in the Sphere of Digital Innovations”.

Russian business community has long been seeking to pilot-test cryptocurrency-related technologies under the aegis of the Russian Union of Industrialists and Entrepreneurs (RUIE), as this would allow for using tokens to attract investments from abroad, as well as facilitate asset trading under sanctions.

Few companies in Kaliningrad Region and Tatarstan has already expressed their willingness to take part in launching regulatory sandboxes on their platforms.

Anatoly Aksakov believes that the creation of the so-called regulatory sandboxes will allow to pilot-test financial crypto tools and elaborate appropriate legal framework.

“The law on “regulatory sandbox” which is, hopefully, to be adopted during the spring session, will allow individual companies in this or that region or in this or that industry to utilize crypto tools for economic turnover and operations,” – he noted.

Any organization working in the sphere of “cross-cutting” technologies, not excluding blockchain, artificial intelligence, quantum and neuro computing, will reportedly be allowed to participate in the project.

According to the Vice-President of the RUIE Sergey Mytenkov, at first, ten companies should be allowed to work with new financial crypto solutions, so that the possible legal and economic risks could be estimated.

Internationally-recognized Russian companies are interested in the project, as it may enable them to circumvent sanctions by allowing for depersonalized blockchain-based asset trading.