Russian Companies Pushing Gov’t for Crypto, Blockchain Legislation

Regulation Russia

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:53 EDT

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The man charged with putting together a legal framework for Russia’s cryptocurrency and blockchain technology industry has insisted that legislation will be in place before the year’s end, and has hinted that Russian companies are keen to begin blockchain and cryptocurrency operations.

In an interview with media outlet Finversia, Anatoly Aksakov, the head of the Russian Duma’s digital economy commission, spoke in detail about Russia’s forthcoming crypto legislation.

The country is still waiting for crypto regulations that have been blocked indefinitely since 2018 by a long impasse between pro-crypto lobbyists, the nation’s Finance Ministry and the crypto-skeptic central bank.

Aksakov said,

“Large Russian businesses are ready to use blockchain for economic operations, so it is necessary to create a legal framework.”

He added that “the interests of businesses” would “play a decisive role” when drafting legislation.

The committee chief stated,

“Companies have said that they need this law and that they intend to actively use it. This gives me confidence that this year we will definitely adopt it.”

Despite finding himself very much in the middle of the struggle between regulators and crypto-keen business interests, Aksakov appeared to rule out any lingering fears of a China-style crypto crackdown.

He stated,

“The hype [about cryptocurrencies] has passed, and everyone agrees that the blockchain has a future. Cryptocurrencies and blockchain are interconnected. I think that [the Duma] will definitely adopt a law related to [cryptocurrencies] in the upcoming spring session.”

He added that all parties were taking a “more relaxed attitude” toward crypto, although he added that he “cannot comment on what that legislation will look like now.”

And it looks like even arch crypto-skeptics at the central bank may have softened their stance, with Aksakov stating,

“There are a lot of qualified people who understand that progress cannot be stopped; that we just need appropriate regulations.”

The Duma commission chairman added that Russia would also push ahead with plans to create a regulatory sandbox for blockchain and cryptocurrency projects.

Aksakov said, “The sandbox will create a space for [companies] to test new financial and digital technology.”
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Learn more: Crypto 2020: What Regulators Might Bring This Year and in the Decade