CONFIDERI Family Office attended the CryptoBazar 2017 4 August 2017

CONFIDERI Family Office attended the CryptoBazar 2017

Last Thursday on 27th July CONFIDERI Family Office attended the main crypto-event of the year CryptoBazar 2017 organized by InvestBazar. Here is the main bullets we want to share

Last Thursday on 27th July CONFIDERI Family Office attended the main crypto-event of the year CryptoBazar 2017 organized by InvestBazar. Here is the main bullets we want to share:

  • According to Elina Sidorenko, head of the working group of The State Duma on estimating circulation of cryptocurrency risks, Russia is going to regulate tokens.

  • When upcoming amendments are gone, tokens will be considered as goods and meet the definition of ‘other property’ according to the article 128 of Russian Civil Code.

  • The working group of The State Duma recommends devotees to name operations connected with tokens as ‘change’ in order to avoid wrongdoings at a time of law vacuum.

  • In the point of view of the working group, the term ‘crypto currency’ is also undesirable in complying with Russian legislation.

  • The Industry devotees imparted their apprehension about possible strictness of future regulations, because it will lead to loss of investors’ interest.

  • Elina Sidorenko responded that investors’ rights are planned to be protected. However, mechanisms of protection are going to be built anew and will not be based on securities legislation.

  • The working group leaves open the possibility of smart-contracts’ self regulation. In this case the legislator will issue protocols that are to be included in any smart-contract that circulates by due process of law.

  • The working group calls industry devotees for cooperation claiming that rights of the investors need to be protected, however admitting that the State technically has lack of control over the circulation of tokens.