The much-anticipated second version of the law to regulate cryptocurrency space in Russia will be discussed soon in the Parliament, according to the latest reports.
Previously, the lower chamber passed the Crypto Industry Bill at the first reading in May 2018. Interestingly enough, the law characterized cryptocurrencies and tokens as “property”. Although the law was supported by the vast majority of the elected representatives, it had to be revised after attracting criticism from crypto enthusiasts and influencers.
Ultimately, it had been sent back to the first reading.
Now the local news agency “Tass” reports on the latest developments concerning the crypto bill. Accordingly, the lower house of Russian Parliament – Duma, is most likely going to deliberate on the crypto regulation law in January or February, as noted by Anatoly Aksakov, the head of Duma’s Committee on Financial Markets.
“The law is a bill regulating the activities of electronic platforms and the marketplace. I submitted this bill to the State Duma for consideration at the end of December. We have a plan to adopt this law by February 15 in order to launch a pilot project about 20 credit institutions and the Moscow Stock Exchange are preparing,” said Aksakov.
The law on digital assets, the term used by the Russian government, will be tied to the existing regulations governing investment and crowdfunding platforms, Aksakov added.
Vyacheslav Volodin, the President of Duma and a close aide of President Vladimir Putin, added that the above-mentioned bill should be considered a top priority.
“Creating a favorable legal framework for the development of the digital economy should in many respects provide us with an advantageous position in competition among other countries,” noted Volodin in the press release to media.
Volodin spoke about the same subject in his opening speech at the spring session of the State Duma.
To what degree the lawmakers agreed to change the initial version of the law remains to be seen. Still, we can regards this as a positive development given the importance of Russia and its human resources in the crypto and blockchain industry.