Russia To Adopt Crypto Regulations Under Putin’s Administration

Girish Chugh

March 1, 2019 11:29 am

Crypto Regulations

Russia To Adopt Crypto Regulations Under Putin's Administration
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Vladimir Putin has instructed his country’s government to adopt federal laws regarding cryptocurrencies by July this year. Previously, Russia included cryptocurrencies in their broad definition of “digital financial assets.”

Putin Demands Clear Crypto Laws In Russia

According, to a document published on the Kremlin Website on Wednesday, Putin has approved a list of instructions of 47 orders, out of which one order is related to the government’s work of the State Duma, the lower house of parliament, and ensure adoption of “federal laws aimed at the development of the digital economy.”

The orders include “determining the procedure for conducting civil law transactions in electronic form, as well as regulating digital financial assets and attracting financial resources using digital technologies.”

The deadline provided is July 1st, 2019. The concerned officials include Russian Prime Minister, Dmitry Anatolyevich Medvedev, and State Duma Chairman, Vyacheslav Viktorovich Volodin.

The original contents of the proposed regulations for cryptocurrencies have been extensively revised. Whereas, the references to tokens, mining, cryptocurrency and smart contracts in the bill have been eliminated, and the legal definition of “digital financial assets” has been broadened to cover cryptocurrencies.

Several Hurdles In The Way

Putin’s latest orders echo the orders made by him last year, instructing the government to cooperate with the central bank to “ensure that changes are made to the legislation of the Russian Federation.” to clarify the legal status of digital technologies involving tokens, cryptocurrencies, and smart contract. The President has appointed Medvedev and the central bank governor, Elvira Nabiullina, to take charge of the operation.

The State Duma saw three bills filed last year in May, scheduled for adoption in July, as ordered by Putin. However, the Russian lawmakers couldn’t land on a unanimous decision about the appropriate legal framework after the first reading in the spring.

The State Duma plans to go through the bill again in March, as confirmed by a member of the State Duma Committee on Economic Policy, indicating that the discussion is about to land on a conclusion.

To know more about cryptocurrency affairs in Russia click here

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