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Slim Chance of New Russian Crypto Law Emerging in Autumn, Say Experts

Tim Alper
Last updated: | 2 min read

Insiders say there is a chance that Russia’s new crypto law could be drafted by autumn – a move that would see a set of regulations in place for the start of next year. But one claimed that that chance of such a quick turnaround from policymakers is “low” – despite no shortage of industry input.

Source: Adobe/alex57111

Maria Stankevich, head of development at the EXMO exchange, told that there was a “slight chance to see a better structured and written document” than draft laws issued back in May. The May draft law, met with horror by most of the industry, proposed something close to a China-style crypto crackdown, but has since been shot down by forces within the government.

Stankevich stated that the chances of a new bill had been increased because crypto firms had been so forthcoming with advice.

She said,

“The market, including EXMO, Binance and other independent organizations and companies have sent their own draft legal proposals to the State Duma. Basically, all the Duma needs to do is to unite all of these proposals. But we are sure that there is a low chance of seeing a final version of the draft law released during parliament’s forthcoming autumn session.”

Stankevich was speaking after, in an interview with Radio 1, Yuri Pripachkin, the President of the Russian Association of Cryptocurrencies and Blockchain, stated that policymakers could look to draft a new bill in autumn.

Pripachkin claimed that his organization would also prepare “an appropriate [consultation] document that will ensure that Russia does not lose its placing in the new digital world.”

The chief architect of Russian crypto law, the parliamentary committee’s financial markets head Anatoly Aksakov, has repeatedly spoken of an autumn timeline for a bill in recent weeks – although this seems unlikely to many observers, including Stankevich.

A standoff has pitched pro-blockchain and crypto advocates, the crypto industry and other pro-industry forces against the crypto-skeptic Central Bank of Russia. And that impasse still seems a long way from resolution. Only last month, the Central Bank called crypto investment a form of gambling that it said was on a par with roulette.

The consequences of further legislative delay, said Pripachkin, would be fatal. He added,

“We’re falling behind when it comes to regulating this industry.”

Earlier this year, Russian Central Bank and pro-industry forces saw State Duma policy chiefs created two new crypto draft laws: “On Digital Assets” and “On Digital Currencies.”