Official: Russia to Introduce Cryptocurrency Regulation Bill Next Week

New cryptocurrency laws are expected to be introduced to the Russia's national legislature on Dec. 28.

AccessTimeIconDec 21, 2017 at 9:09 p.m. UTC
Updated Sep 13, 2021 at 7:18 a.m. UTC

New cryptocurrency laws are expected to be introduced for official consideration to the Russia's national legislature on Dec. 28, according to a senior government official.

Russian media sources RIA and TASS cited comments from lawmaker Anatoly Aksakov, who chairs the State Duma's financial markets committee, that the new rules – which will reportedly formalize rules around the creation and exchange of cryptocurrencies like bitcoin – are likely to be cleared by early next year.

"I expect that the adoption of the draft law on [cryptocurrencies] will be in March... The problem is that we already have a lot of people who acquire [cryptocurrencies] and they are deceived, we need to give people the opportunity to work legally with it, to protect them as much as possible," Aksakov was quoted as saying by RIA.

The comments all but confirm that Russia won't finalize the bill by the end of the year, as Aksakov had previously suggested. In September, the senior lawmaker said he believed the work could be wrapped up before winter. The measure has faced a series of delays due, in part, to conflicting visions over the scope of the proposed laws.

The expected move to submit the bill also comes months after Russian President Vladimir Putin ordered new regulations to be developed around cryptocurrencies and blockchain, including rules specifically aimed at initial coin offerings (ICOs).

As quoted by TASS, Aksakov cited Putin's directives when speaking about the work that is expected to play out over the coming weeks and months.

"We have a deadline designated by the president, and after a week there will be a presentation of the bill that will start to be debated," he told reporters.

Editor's Note: Some of the statements in this report have been translated from Russian. 

Image Credit: ID1974 / Shutterstock.com

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
NFT Platforms Should Be Caught by EU Money-Laundering Overhaul, Lawmakers Say

Unhosted wallets and decentralized finance were left largely unscathed by two landmark crypto laws agreed to last week, but left-wing lawmakers may seek another go as they discuss dirty-money rules.

CoinDesk - Unknown
2
CoinDesk - Unknown
Bitcoin se recupera y supera los $19K; Nomura advierte de una recesión en EE. UU. y Reino Unido

Nomura escribió acerca de una recesión en la eurozona, el Reino Unido y Asia Pacífico, lo que podría influir en los precios de las criptomonedas.

CoinDesk - Unknown
3
CoinDesk - Unknown
Argentinos se refugian en stablecoins durante el fin de semana tras dimisión del ministro de Economía

Los principales exchanges del país informaron que los usuarios compraron hasta tres veces más criptomonedas estables que durante un fin de semana normal, en medio una crisis económica en ciernes.

CoinDesk - Unknown
4
CoinDesk - Unknown
Polkadot Builder Parity Technologies Adds 3 Execs to Leadership Team

The new executives joining Parity are Eran Barak (COO), Peter Ruchatz (CMO) and Fahmi Syed (CFO)

CoinDesk - Unknown