‘Interesting’ Two-bill Plan May Save ‘Shambolic’ Russian Crypto Law

Cryptocurrency 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

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Industry insiders say the Russian government’s cryptocurrency policy is “shambolic” and says Moscow “urgently needs to start doing its deliberation behind closed doors,” while other experts welcome a possible two-bill solution.

The comments came after another government ministry spoke out against a draft bill that was put to parliamentarians proposing a partial China-style crypto crackdown.

Russia’s Ministry of Justice is the latest to express its disapproval of a controversial draft bill that would effectively ban crypto companies from the country. Per Izvestia, the ministry believes that the bill would create legal wrinkles, and has complained that its Federal Bailiffs Service agency would struggle to enforce its terms.

As previously reported, the Ministry of Economic Development has also spoken out in criticism of the bill – which has the support of the crypto-skeptic Central Bank of Russia.

Sources close to the matter told Cryptonews.com that a compromise on cryptocurrencies was still a long way off, with policy architects surprised at the backlash the bill has faced thus far.

Moscow-based crypto investment advisor Dmitriy Zaikov told Cryptonews.com,

“This public back-and-forth is tiresome and frankly embarrassing. These ministries and bankers urgently need to start doing their deliberation behind closed doors – or in private video chat rooms if they are social distancing.”

However, the Russian cabinet wants to hurry up the bill’s adoption and an agreement is “close,” according to Anatoly Aksakov, the head of the parliamentary financial committee charged with drawing up the legislation.

In an interview with news agency Tass, Aksakov said that “the bill requires serious discussion” before it can be adopted, and opined that he expected to “resolve disputes in the near future with the help of the government.”

Aksakov has suggested splitting the bill into two separate laws, with one pertaining to “digital financial assets” to be hurried through, and another with “digital currency“-related matters to be tackled in a separate bill due to what he termed as “controversies.“

Konstantin Anissimov, Executive Director at the CEX.IO crypto exchange, told Cryptonews.com,

“Mostly, there are disputes around the status of cryptocurrencies, while the definition of ‘digital financial assets’ is more or less clear. The initiative to split the bill and separate the concepts of digital currency and digital financial assets seems interesting. I believe if it is adopted, it can contribute to the further development of the blockchain market in Russia.”