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The Russian government plans to create regulatory sandboxes to allow four regions to work with blockchain technology and crypto-currencies.
Moskow, Kaliningrad Oblast, Kaluga Oblast and Perm Krai will discuss the innovative concepts prohibited by the existing legal framework, local media Izvestia reported, quoting sources from the Russian Ministry of Economic Development and Trade (MEDT).
The selected regions will create "regulatory sandboxes" to test new technologies, including blockchain technology, digital currencies, neurotechnology, quantum technology, artificial intelligence, virtual reality and augmented reality.
Russian regulation is poorly synchronized
Experts support the initiative as it is hardly possible to pursue economic development without new technologies. Many startups and companies struggle to put their disruptive ideas on the market, due to the vague and often hostile regulatory environment in Russia.
Current laws are often disconnected from economic realities, with lawmakers lagging behind innovators, said the chairman of the Presidential Council for the Development of Human Rights and Civil Society, Kirill Kabanov. For example, crypto-currencies have circulated around the world for years, but they remain in a gray regulatory zone in the vast majority of countries, Russia being no exception.
Business is skeptical
MEDT Deputy Minister Savva Shipov confirmed to Izvestia that its aim is to stimulate innovative activities and accelerate the deployment of home-grown high-tech products and solutions by creating more flexible regulatory rules and legal requirements. .
The law on regulatory sandboxes will test concepts that go beyond the existing legal framework to determine the best way to adapt regulations to adapt to the new reality. This approach is often used in financial services to reduce legal risks for market participants and accelerate the launch of innovative products.
However, market players have no illusions about the future of the initiative, because companies will be entangled in legal peculiarities and paperwork to go from local regulation to a framework. general regulatory
According to Vladimir Tsiymberg, head of the pharmaceutical company Biovitrum, companies will find it difficult to launch their products in a larger market. It is scarcely possible for the federal regulatory and supervisory authorities to relax their position on crypto-currencies and other innovative concepts, even if they have been secured inside the sandbox.
Russian regions make their choices
The Kaluga Oblast press service reports that the region is interested in managing large data, while Kaliningrad is studying blockchain development and intellectual property management. The latter region wants to attract intellectual resources and bet on biotechnologies, among other things, to compensate for an unfavorable geographical situation and a lack of natural reserves.
Do you think that the sandbox approach can accelerate innovation and stimulate the adoption of new laws and regulations in Russia? Tell us what you think in the comments below.
Images courtesy of Shutterstock.
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