Russia is preparing to adopt cryptocurrency laws

To prohibit or allow, regulate or ignore cryptocurrency - these issues have been discussed in Russia for a long time. While legislative bodies are arguing about the future of cryptoassets in the country, Russians have accepted the presence of innovative technologies in their lives as a fact.

On the one hand, more and more retail outlets accepting coins are appearing almost throughout the country, blockchain startups are developing, crypto ATMs are being installed, and the first electronic mortgage and even The Far East was able to conquer the cryptocurrency. On the other hand, Russian law enforcement seize cryptomats, check startups and are in no hurry to consolidate digital technologies in the legal framework of the country.

The bill “On Digital Financial Assets” was adopted in the first reading back in May of this year. But after 5 months it is still under consideration by the State Duma and is not ready for the second reading. While the main document, which sets out the basic definitions relating to the cryptocurrency sector, is awaiting its turn, the State Duma has decided to adopt interim laws by the end of the year.

In total, deputies will have to vote on 9 bills. The main emphasis in the so-called “interim” laws is on regulating cryptocurrency turnover in the country, on the nuances of companies’ participation in the initial placement of ICO coins, and on defining the concepts of smart contracts and cryptocurrency activities. Deputies hope that the adopted regulatory standards will create conditions for the transparent and regulated development of the cryptocurrency industry in the country.