At the moment, there is no special legislation regulating blockchain projects and the circulation of cryptocurrencies in Russia. Regulation of cryptocurrencies and blockchain projects is not within the competence of a single body. The central process in regulating the sphere currently lies in the development of special legislation, in which the Central Bank of Russia, the Ministry of Finance and the State Duma (Parliament) are engaged. So far, regulators have developed a unified approach, which is reflected in the bills that have passed the first reading in the State Duma.
Definiteness of Legal Regulation
Currently the legal status of cryptocurrencies and blockchain projects is not defined in Russia. Some aspects of the crypto-industry are settled by analogy (taxation), but for the most part, legislation in the field of cryptocurrency and blockchain is missing. Despite the absence of legislative norms regulating ICOs and clarifications of state bodies on regulation by analogy, "legal ICOs" are taking place in Russia. At the same time, the existing law enforcement and judicial practice give no clear understanding of which legal provisions apply and how they apply to protect investors, prevent criminal transactions and money laundering, and regulate tax collection within the framework of ICOs.
Stability of Legal Regulation
The situation in the legal regulation of cryptocurrencies and blockchain projects in Russia is rather unstable, because at the moment there are several bills dealing with the matter being considered in the Parliament.
Adequacy of Legal Regulation
It is difficult to assess the nature of regulation in Russia, because most of the relations associated with the turnover of cryptocurrency and blockchain projects are not regulated. Among positive developments, it should be noted that a "regulatory sandbox" was organized on the basis of the Central Bank, where experimental ICOs have been successfully conducted.