The Russian Federation, which is yet to regulate digital assets, is now planning to allow four of its regions to test innovations that are not covered by its current legislation. A bill drafted by the Economy ministry envisages the establishment of regulatory sandboxes there. The special economic zones will allow companies, entrepreneurs and authorities to experiment with cryptocurrencies without breaking the federal law.
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Regions to Become Test Grounds for Crypto Projects
The draft has been designed to facilitate the development of neuro- and quantum technologies, artificial intelligence, robotics, virtual and augmented reality as well as crypto and blockchain technologies. Companies are often unable to introduce these innovations to the market due to the absence of a relevant legal framework governing their implementation.
The plan is to launch projects in all of these fields within regulatory sandboxes that will be created in the capital…