Specifically, The Ministry of Economic Development of the Russian Federation has finalized a new legislation, which would help create a legally authorized environment for the testing process of crypto and blockchain innovations.
The draft bill was reportedly put forward to the State Duma — the lower house of the Federal Assembly of Russia – for reviewing, back on March 17th.
The applicable scope of the draft law would cover digital techs associating with eight sectors across Russia, including healthcare, financial markets, trade, transport, distance learning, construction, manufacturing and government services.
The draft law would provide regulatory freedom for trial tests of different types of projects, nominally unmanned vehicles, remote diagnostics as well as personal data usage without written consent.
A relief in regulation will be authorized for crypto and blockchain-related projects taking part in the regulatory sandbox, with no restrictions in terms of capital, reserve funds and reporting. Exemption from the foreign exchange law of Russia will also be granted to sandbox users.
The Bank of Russia – the national central bank – will be in charge of providing regulation to the market within the regulatory sandbox.