Russia to Establish Cryptocurrency Regulations by Summer


Russia to establish cryptocurrency regulations by summer, according to the official publication of Russian legislative body, the Parliament Newspaper. There are two drafts of legislation on cryptocurrencies that have been proposed in Russia.

2 March, AtoZForex Reportedly, Russia is planning to pass the long-awaited new cryptocurrency legislation by this summer. According to the official publication of Russian legislative body, the Parliament Newspaper, Russian President Vladimir Putin has ordered to set a schedule for the regulations at the 1 July.

Russia to Establish Cryptocurrency Regulations by Summer

As of the moment, there are two drafts of legislation on cryptocurrencies that have been proposed in Russia. One comes from the Central bank of Russia, while another is the initiative of the Russian Ministry of Finance.

According to the report from Parliament Newspaper, the two drafts have reached a consensus in regards to the crowd-funding using cryptocurrencies. However, they still reportedly have differing stances in relation to the cryptocurrency exchange operations.

Russian Central Bank Vs MinFin

Earlier last month, Russian Ministry of Finance has released a draft of its legislation. The law looks into putting thresholds on initial coin offerings (ICOs) in a bid to allow fund-raising activities to exist in a regulated environment.

The Ministry of Finance has stated in their official press release:

“The Ministry of Finance notes that cryptocurrency deals are rather spread in the country, so imposing a ban on it would lead to the creation of conditions for their use in illegal operations such as money laundering, financing terrorism actions and tax evasions.”

However, the local media report also indicates that the central bank does not see the sense in allowing domestic investors to trade cryptocurrencies legally. According to the chair of the State Duma Committee for the Financial Market, Anatoly Aksakov:

“The Central Bank is against the legalization of this type of digital currency (that can be exchanged), since in this case, citizens can start actively investing in cryptocurrencies, not taking into account possible risks.”

Mr. Aksakov also stated that both the drafts will be submitted to his chamber for review this month.

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