New Crypto and Blockchain Arbitration Dispute Board Being Created at the Russian RSPP
Arbitration Centar at the Russian RSPP Ready to Create a Board for Crypto-Related Disputes
The Russian Union of Industrialists and Entrepreneurs (RSPP) decided to create a board that will work with disputes related to the digital economy. The different cases are related to cryptocurrencies and blockchain technology. The information was reported by Kommersant on October 31.
Other important cases that will be handled by the chamber are related to blockchain technology, cryptocurrencies, smart contracts and Initial Coin Offerings (ICOs). As the newspaper shows, the number of cases will increase 40 times between 2020 and 2025.
According to Elina Sidorenko, head at a working group that evaluates crypto-related risks, the framework has been prepared and arbitrators have also been hired. Moreover, Sidorenko will also be heading the new entity. She said that courts are facing several problems since there is no clear regulatory framework in the filed of these new technologies.
On the matter, she commented:
“The courts are now facing a lot of problems, including the lack of regulatory mechanisms to protect the rights of citizens, who create and apply digital technologies, and the ability to accept digital data as a new type of evidence.”
Companies need to have a clear regulatory framework to operate. These issues are very complex and investors and firms need to have a regulated activity. Furthermore, these legal issues that arise need the creation of an independent body of arbitration working in the country. This is why the RSPP decided to go for this proposal.
Some of the RSPP members include the billionaire Vladimir Potaning and Viktor Vekselberg, the head of the Russian Innovation Fund Skolkovo. The Arbitration Center proposed an alternative state draft bill on virtual currencies.
The government has edited the draft law on virtual currencies and there are no definitions about important cryptocurrency terms such as crypto mining or cryptocurrencies. The world needs to move towards a more clear regulatory environment for crypto and blockchain activities to grow. Other institutions in other countries are also asking for more regulations for blockchain and virtual currencies.