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Association of lawyers of Russia made a proposal to the Federation Council for the regulation of the digital economy

Last week in the Federation Council of the Russian Federation held a round table on “Modern trends of legislative regulation of the digital transformation of the economy.” In the event, the graduates of the training programmes BCL “Legal basis and legal practice of digital rights and assets, as well as blockchain-projects” together with the expert community, members of the expert Council of the State Duma on the digital economy and the blockchain, members of the Commission on legal empowerment of the digital economy of the Moscow branch of Association of lawyers of Russia, Senator, Chairman of the Committee of the Federation Council Vyacheslav Timchenko discussed the prospects of regulation of the digital economy in Russia. Hope Harsh, a member of the Advisory Council on the digital economy of the State Duma, Director of the Institute of governance and socio-economic design of REU them. Plekhanov says:

“Of REU named after G. V. Plekhanov within the framework of joint programmes with the law of “DLR” for a year implements a unique program BCL legal training for the new digital economy. And of course, we strategically need the involvement of our students, teachers, experts and partners not only in the professional community. But today support for the legislative and Executive authorities on the development and improvement of the legal regulation of new digital technologies and their practice to ensure the safety of Russian business and prevent cyberpreneurs”.

So, in the course of the discussion the Commission presented its proposals for the regulation of digital assets in Russia, including the development of a comfortable tax regime of the sector and optimal development of digital technologies such as the blockchain, Big Data, artificial intelligence etc.

As noted by the Chairman of the Commission, the managing partner of the legal company “DLR” Alexander Zhuravlev, was previously carried out extensive work on the preparation of expert reports, which were sent to the Department concerned. In his opinion, the draft law “On digital of financial assets” needs substantial improvement and if adopted as currently drafted, the gray area will be a lot of digital assets, including bitcoin.

In addition, in foreign countries now actively using crypto-currencies as means of payment– bitcoin is accepted in payment for goods and services of leading IT giants such as Microsoft, Amazon and other companies. The draft law on the CFA leaves unregulated the classic payment cryptocurrencies, allowing only for the possibility of use within each information system operating its own digital signs in cases and in the manner determined by the Bank of Russia. According to Zhuravleva, the legislator needs to include in the bill a CFA with the opportunity of payment for goods and services in bitcoin, if this is not done, then at least to test payment and settlement system in the cryptocurrency in the framework of the bill on experimentally-legal regimes (EPR) in the field of digital innovation. The expert recommends:

“To do this, select a pilot region and to introduce the possibility of payment for goods and services with cryptocurrency, we will thus be able to experience a positive part which will transfer the whole of Russia without prejudice to the economy of the country.”

According to lawyer and teacher BCL Veronica wolf, the attitude of kryptonyte in Russia is constantly changing, and at each Department it is ambiguous:

“Such separation does not give confidence nor the developers nor investors in the reliability of our system for Kriptonika. So we now need to develop a clear position in relation not only to blockchain technologies and cryptocurrency. I’m sure that just opening the door completely, and not a small gap, as suggested by the existing laws and bills, we can hope that our country will be a good replacement comfortable jurisdictions for the blockchain and cryptoprocta”.

Speaking about the creation of favorable tax regime is a CFA, lawyer, head of practice of tax disputes of the company “MEF-Audit”, the teacher program BCL Dmitry Kirillov said that the business is willing to experiment with new legal regimes, if it does not entail for it negative consequences:

“Rapid adoption and implementation of the new legislation will set the rules of the game and will bring certainty in taxation of digital assets. Thus, in order to business and started to apply fully the legislation needed revision including regulations, in particular, on accounting of these assets.”

According to Zhuravlev, the taxation system of the digital assets you need to develop before or concurrently with the adoption of the relevant law, since the application of the General rules of taxation in respect of virtual assets in practice will lead to numerous problems. He noted that the basic recommendation of experts is to equate all types of tokens to property rights. In addition, among the major proposals were highlighted such as: the provision of tax concessions to the miners, the abolition of VAT on cryptocurrency transactions, the creation of a unified system of cross-rates for tokens of monetary value and others.

During the round table was also identified key factors hindering the development of modern technologies in the territory of the Russian Federation. According to a member of the Commission and the Director of the program BCL Dmitry Zakharov, the main such factor is the outflow of qualified specialists abroad. He cited statistics according to which only in the fourth quarter of 2018 Russian and multinational teams was held 140 ICO projects, but all of them are sold outside of Russia. He also stressed that our country has a huge potential for a breakthrough in the digital economy, but in terms of legal uncertainty, it can not fully use them:

“We have a highly skilled, talented people: developers, IT entrepreneurs and other professionals, as well as unique opportunities for the organization of mining in Russia: the surplus of generating capacities in Siberia is more than 20 GW or 38% of total generating capacity in the region.”

In the framework of the roundtable, the Senator of the Federation Council of the Russian Federation Vyacheslav Timchenko also listened to the proposals for revision of the relevant bills alumni BCL, which they have prepared in the learning process. Among the proposals were initiatives associated with the introduction of blockchain technology in the state register (legal entities, real estate) etc. thereby it will help to avoid fraud and abuse of officials.

Following the event, Vyacheslav Timchenko noted the consideration proposed by the participants of the event changes to relevant legislation and presented certificates of advanced training of REU named after G. V. Plekhanov, graduates of the program. He said:

“For us it is extremely important to the legal community, which prior to the adoption of regulatory control creates the practice of law enforcement, creates a path, which then can go legislative regulation”.

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