Russia Eyes Adoption of Crypto Rules Before August 2019

The Central Bank of Russia is eyeing the adoption of a law on digital assets before the end of State Duma’s 2019 Spring session according to a report by the local news media, TASS

As per the report, Olga Skorobogatova, the first Deputy Chairman of the Bank of Russia while speaking in the State Duma confirmed that the proposed regulations are almost set. Skorobogatova said,

“The law on digital financial assets, on crowdfunding, etc., all these bills are in a fairly high degree of readiness. Colleagues from the State Duma committees are very helpful. We expect that these laws can be passed during the spring session.”

Speaking further, the top official emphasized that the proposed laws are necessary for the country and will lay out more opportunity for new projects to spring up.

Meanwhile, Anatoly Aksakov, the Head of the State Duma Committee on the Financial Market, said in the same report that the adoption of the law regarding digital assets was “stuck” in line with the requirements of the Financial Action Task Force (FATF).

While the FATF required that Russia should legislate prime industry terms including “cryptocurrencies” and “bitcoin (BTC),” the central bank of Russia reportedly was influencing the legislator to avoid including most of the terminology in the bill.

With State Duma’s Spring Session ending in late July, time will tell whether Russia eventually rolls out the regulation for cryptocurrencies or delay it like in the past. However, earlier reports suggesting that the country plans to invest in Bitcoin means the chances of passing the bill is on the high side.

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