Russia rushes into the crypto regulation
Following the footsteps of its neighboring country, Belarus, Russia is rushing in to lock cryptocurrency regulations in the country.
According to the official statement published on the website of the President of Russia on February 27th, Russian President Vladimir Putin has ordered the government to lay out and adopt cryptocurrency regulation by July 1, 2019, with an introduction deadline during the upcoming spring session.
Additionally, Russian president has also ordered to introduce the federal legislation aimed to develop the digital economy in the country. Among other things, that would reportedly include regulations of civil-law settlements. The document also calls for a major development in the sector, to attract greater financial resources for development of digital technologies in the country.
According to Russia’s financial outlet Rambler, the Federal Assembly of Russia is scheduled to review and adopt new cryptocurrency regulations as early as in March.
Notably, this is not the first time when the Federal Assembly is rushed to draw and adopt a crypto regulation. This same situation already happened in Russia in December 2017, when President Putin ordered to introduce regulations for the trade of bitcoin and other cryptocurrencies, as well as initial coin offerings (ICOs) and crypto mining by July 2018. The regulations were indeed introduced, even two months earlier – in May 2018 – however, it was decided last moment to replace the term “cryptocurrency” and “token-related items” with “digital rights,” which essentially cut out crypto from the bill. We’ll see how serious Russian president is this time about the regulation!