On June 19, According to the local senior finance official reports of Russian government-backed news agency- TASS. Russia’s parliament, the State Duma, might adopt the country’s major crypto bill “On Digital Financial Assets” (DFA) in next two weeks.
Russia’s deputy finance minister, Alexei Moiseev, announced that the State Duma is currently considering the DFA. And it is expected to adopt the bill in the second reading within the next two weeks. He also claims that authority has approved separate legislation for ICO’s, which will be a part of Russia’s law on crowdfunding.
However, according to Russian President Vladimir Putin’s request, the regulations are supposed to come into law by July 1, 2019.
Crypto Regulations in Russia
In the year 2014, Russian authorities initially started talking about cryptocurrencies. But, the Central Bank of the Russian Federation warned citizens against any transactions with “virtual currencies,”. Until 2016, government officials did not accept the statements about cryptocurrencies.
By 2017 Sberbank’s head German Gref stated that it was crystal clear that it would not be possible to completely prohibit cryptocurrencies. In the same year an event was held to promote the development of blockchain technology and introduce regulatory proposals.
Later in the year April 2018, the Central Bank launched a “regulatory sandbox” to test services using advanced financial technologies, like blockchain.
Further, in May 2018, the lower chamber of Russia’s parliament has passed the first reading, with 410 deputies voted to approve the bill at the hearing, and only one voted against it.
The second reading was when amendments were finalized, after which the bill goes to the upper house, the proposed legislation included the crowdfunding law, including the ICO, and the law on digital financial assets.
Senario if Russia Adopts Crypto Regulations
If Russia adopts cryptocurrency regulations as expected by the official, We may expect new Russian based exchanges and tokens/coins emerging in the crypto market. Also, we might come across many ICO’s and IEO’s.