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Russia Set to Delay its Crypto-laws “Until Autumn”

Russia Set to Delay its Crypto-laws “Until Autumn” 101
Source: iStock/vagant

Russia’s parliament, the Duma, could postpone the second and decisive reading on its long-awaited new cryptocurrency legislation “until autumn,” says the politician who presented the bills at their first reading.

The three new bills, which seek to define a legal status for crypto-assets, set rules for crowdfunding and allow the policing of initial coin offerings (ICOs), passed their first reading with an overwhelming majority back in May.

However, rather than tabling the bills for a second reading this summer, it seems the government now wants to buy itself more time to fine-tune the legislation. RIA Novosti reports that Anatoly Aksakov, the head of the Duma’s Financial Markets Committee, has stated that the “topic of cryptocurencies is very complex,” and that the government is “keen to examine ways it can effective regulate the industry.”

The media outlet quoted Aksakov as saying, “The matter isn’t straightforward. Blockchain, for example, is global in its very nature. In the case of [cryptocurrencies], even if we establish regulations, they may not work. Therefore, we should determine exactly what it is that we can really regulate and, based on this, prescribe rules that define the way [cryptocurrency-related companies] work, and how to protect investors.”

Aksakov also added the assertion that cryptocurrencies should be considered a “property right,” rather than a “commodity.”

As previously reported by Cryptonews.com, disappointed with its shape, local industry representatives hope that the legislation will be modified. Otherwise, it could effectively hamper individual investors from placing larger amounts of their money in ICOs.

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