First Russian Crypto Law ‘to Be In Force by Start of 2021’

Bitcoin Cryptocurrency 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 06:54 EDT

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Russia’s first crypto law “will be adopted by January 1, 2021,” said the bill’s chief architect, adding that the legislation is “now approaching the finish line.”

Per RBC, Anatoly Aksakov, the head of the State Duma’s financial committee and the man charged with mediating the “On Digital Assets” act, said a second reading was now “imminent.”

He said that “disagreements” had now been resolved, and a new version had been sent to lawmakers and regulators for final approval.

Aksakov said he was confident that final feedback and adjustments could be finalized “next week” – in time for a second reading in the current Duma session.

That would pave the way for the bill to come into force on New Year’s Day next year.

The bill’s first reading passed the Duma over two years ago, but the legislation has been stuck in limbo ever since – due to an impasse between powerful pro-crypto businesses and the crypto-skeptic Central Bank.

However, as previously reported, Aksakov has since proposed a compromise – pushing ahead with a bill pertaining to “digital financial assets” (likely tokenized assets, blockchain infrastructure and stablecoins) in the short term, with “digital currency“-related matters to be tackled in a separate bill much further down the line. The latter bill will likely deal with what much of the rest of the world calls cryptocurrencies or cryptoassets.

As reported, the second bill is still a long way off, and that the impasse is still blocking progress.

And Aksakov appeared to confirm that this is indeed the case when it comes to what officials are calling “digital currencies,” claiming in the RBC report that government organs’ and ministries’ positions were “diametrical” and the matter still “requires discussion.”

However, Aksakov claimed that he expected progress on achieving a consensus on all things cryptocurrency-related “in July and August” – with a draft bill possibly ready “for public discussion” by September.