Russia To Soon Adopt Cryptocurrency Bill

Lawmakers in Russia will likely adopt the cryptocurrency bill over the next two weeks. Russia’s Deputy Finance Minister Alexei Moiseev said the long-awaited cryptocurrency bill will shape policy around digital currency in the country. Moiseev said officials have until early July to propose amendments before they head towards final adoption.

Reports say the proposed legislation incorporates two laws - the crowdfunding law, including initial coin offering (ICO) and the law on digital financial assets.

Moiseev, according to Coin Geek, said the Digital Financial Assets (DFA) bill, which is being readied for its second reading, will be adopted into law.

“Separate legislative measures would be adopted for ICOs, which will be handled as an amendment to existing laws governing crowdfunding, as a second strand to regulation for the sector," he said.

Finance Magnates said the bill on DFA deals with cryptocurrencies as well as blockchain technology such as mining and smart contracts. It also brings forth the concept of digital right and smart contract and goes onto define cryptocurrencies and tokens as property but not as legal tender.

This means that Russia will rely on two separate statues for cryptocurrency regulation. Experts say this will provide legal certainty for those operating in the country’s emerging cryptocurrency sector.

Cointelegraph said Russia’s crypto regulation will come in accordance with the order of the country’s president, Vladmir Putin, who had given a deadline for the state to enforce regulation for the crypto industry by July 1, 2019.

Amid growing enthusiasm for cryptocurrency in Russia, officials said that Libra , Facebook’s upcoming cryptocurrency will not be legalized in the country.

Chairman of the Russian State Duma Committee, Anatoly Aksakov said Libra may pose a threat to the financial system of Russia. He made it clear that the country has no plans to adopt legislation that provides space for active use of crypto tools that are created in the framework of open platforms.