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Plans Underway for Russia’s Legislature to Set up a Bill for Cryptocurrency Regulation

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RIA and TASS (both Russian media sources) quoted a Russian legislator (Anatoly Aksakov) who is also the chair of the state Duma’s financial markets committee, on the formalization of new rules that will apply to cryptocurrencies as well as crypto exchanges in the country. According to the legislator, the implementation of the drafted laws will not be until March 2018.

According to the citation on RIA, Anatoly further mentioned,

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, who had earlier suggested the formalization of the rules and regulation on cryptocurrencies and exchanges, conformed Russia’s resolution on the matter – that was expected to have been implemented at the end of 2017. The senior legislator also expressed expectations for the planned bill to be drafted completely sooner rather than later, after the previous process was faced with a series of delays over the conflict with regards to the vision and scope of the bill, by legislators.

Just a couple of months back, Russia’s President ordered the formulation of new regulatory laws to govern Blockchain and cryptocurrency developments. The rules were in fact aimed at Initial Coin Offerings, in an effort to curb scams and criminal activity in the crypto space. In addition, TASS reported that Aksakov cited the President’s directive, as he further told the Russian media of the plans for the work that was to come in the weeks leading to the implementation of the said regulations. According to Aksakov, the deadlines are set for the coming weeks and they will have to be met, since the President will be expecting a full report on proceedings.

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Do you think Russia’s’ legislature will successfully regulate Bitcoin and cryptocurrency trading and exchange in the country? Share your thoughts, comment and opinions with us in the comments section.

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