Russia is testing Bitcoin & co. in four Regulatory Sandboxes

the The Russian Ministry of economic development begins with the testing of crypto-currencies in four selected regions. The Regulatory Sandboxes, including Moscow, to get permission to test products with Blockchain, AI and robot technology. Meanwhile, also adopted a neighbouring state, Finland, first regulation of currencies, measures for trade with Crypto.

Polina Khubbeeva
On 29. April 2019BTC$5.227,00 -0.86%part Facebook Twitter LinkedIn xing mail

according to the Russian news website Izvestia reported, in Russia begin preparations for the testing of new technologies, including crypto-currencies and Blockchain. In the so-called "Regulatory Sandboxes" (in English: regulation sand boxes) in four regions of the country, an experimental development of new technologies takes place under the economic-legal special conditions.

in the Future, companies in Moscow, Perm Krai, Kaluga Oblast and Kaliningrad can Oblast in the experimental special economic zones, the application of the technologies of the future test. In addition to crypto and Blockchain Neuro - and quantum-technologies, AI, robotics, and VR to the novelties, which the government on a trial basis gives the green light.

in January 2019, the Ministry for economic development published a corresponding Federal law. Last week, the Deputy Minister of economic development, Savva Shipov, the individual technologies are concretized in a press release.

Regulatory Sandboxes: special economic zones with a more legal freedoms

According to Shipov, the stimulation of innovation is the aim of the Regulatory Sandboxes "boldness through the application of more flexible regulation in comparison to the Federal law." The admission process of new technologies in the market shortening, for example.

In the exclave of Kaliningrad, the managers expect the advantages of the Blockchain technology. The regional administration of the Kaluga Oblast announced that projects for the regulation of Big Data in planning. In Perm Krai is in the first line at the low-risk adaptation of obsolete structures on modern IT developments interested. Details of the industries in which the update will take place, not called the local Administration.

the Russian economy, experts welcome the move. They warn but also to the fact that in the case of a Transition from the local Regulatory Sandboxes on the national economy market high bureaucratic challenges threaten.

President Putin is pushing for quick regulatory

In Russia, the Blockchain technology was unregulated so far, to a large extent. The state Duma postponed last at the end of March 2019, the vote on a crypto bill. President Putin became increasingly impatient. He continued the government, therefore, a period of up to 1. July 2019 to adopt regulatory measures.

neighboring Finland, the crypto-economy takes

A step further, Finland is the neighbor. The North European 5,5 million inhabitants, the state now has a law, which regulates the trading of digital currencies. The Finnish Financial Supervisory Authority Fin-FSA, on Friday, the 26. April, announced that President Sauli Niinistö signed the draft of the "Act on Virtual Currency Provider". The measures for the regulation of crypto exchanges and trust-Wallets already on 1. May 2019.

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