Cryptocurrency bill will soon be under consideration of Russian Parliament
The Russian Parliament’s lower chamber known as the State Duma is expected to consider a cryptocurrency regulated bill. In an interview with a local news outlet, Anatoly Aksakov, the State Duma Committee head on the Financial Market, said that in January or February, the parliamentary body will likely to consider the regulatory bill to monitor the cryptocurrency circulation in the market space.
Following the consideration, the bill may get passed in February for an expedite execution. “The long-awaited law on digital financial assets is in the GPU for approval <…> It is in conjunction with two others: the law on the regulation of investment platforms or crowdfunding and changes to the Civil Code. We agreed that the law on digital financial assets should be adopted along with these two legislative acts <…> Judging by the information that I have, this is January-February. Most likely, February, of course. Consideration of all three bills should pass,” he stated.
Earlier last year, the lower chamber adopted the first reading of digital assets bill, which was introduced by the Federation Council members with Aksakov as the head and the deputies of State Duma. However, his statement suggested that this time in February the law would be framed in such a way that it administers crypto activities in the insurance and banking sectors.
“The next law from digital is a bill regulating the activities of electronic platforms, in use, the marketplace. I submitted this bill to the State Duma for consideration at the end of December. We have a plan to adopt this law by February 15 in order to launch a pilot project about 20 credit institutions and the Moscow Stock Exchange are preparing, “he said.
However, in the last year edition, the bill mentioned only a type of transaction feasible for the crypto owners. This includes trading platform transactions for exchanging tokens in place of rubles or other foreign currency. It was then expected that the bill would put forward a definition of digital currency.
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