According to the official documents published on the Kremlin website, Russian President Vladimir Putin signed several orders intended to regulate cryptocurrency usage within the country.
A list of assignments on kremlin.ru
Thus, the orders mandate that Russian Prime Minister Dmitry Medvedev and central bank chief Elvira Nabiullina must draft regulations that bring ICOs in line with existing laws governing securities.
On top of that, the regulations that will require Russian cryptocurrency mining operations to register with the government and determine the appropriate procedure for the government to tax income garnered from those operations are to be implemented. Then, the legal status of cryptocurrencies used within the financial sphere “based on the obligation of the ruble as the only legal tender in the Russian Federation” must be determined. The tasks must be completed by July 1, 2018.
Finally, the government plans to establish a regulatory sandbox that will allow the central bank consider additional regulations for cryptocurrencies and other fintech products, as well as draft proposals for a “single payment space” created for the member states of the Eurasian Economic Union (EAEU).
Some sources speculate that the mandate may be in preparation for the launch of the cryptoruble, a state-controlled cryptocurrency that Putin reportedly approved during a closed-door meeting earlier this month.