FATF Orders Lawmakers To Expand Crypto Terminology On Federal Bill, Delays Adoption Of Regulations

FATF Orders Lawmakers To Expand Crypto Terminology On Federal Bill, Holding Up Adoption Of Regulations

• Adoption of cryptocurrency regulations has been postponed in Russia.
• FATF requires the terminology be changed to reflect major industry phrases like “Bitcoin” and “cryptocurrency.”

The Financial Action Task Force (FATF) is the authority that rules over certain rules of traditional finance and, now, cryptocurrency. Russia has largely been delayed in their adoption of cryptocurrency regulations, though there are some individuals that find these regulations not to be a priority. Now, the hold up on adopting these policies is due to new demands from the FATF, regarding changes that the lawmakers need to implement.

According to a report from TASS, the order requires the terminology of the bill to be changed in the crypto regulations. The legislation will need to include major terms used in the industry already, including Bitcoin and cryptocurrencies.

The big crypto bill in Russia, titled “On Digital Financial Assets” (DFA), was already passed in May 2018 by the Russian parliament. However, after reports that the bill was sorely lacking in certain key concepts of the industry, like crypto mining, tokens, and cryptocurrency, the bill was sent all the way back to the first reading stage.

Anatoly Aksakov, who is the chairman of the State Duma Committee regarding the Financial Market, said that the second reading has been held up as a result of the order from the FATF. Furthermore, Aksakov revealed that some terminology was avoided intentionally in attempts from lawmakers to follow along with a “certain position” held by the Central Bank of Russia. With the new order implemented, Aksakov assured the publish that the necessary terminology will be included. Otherwise, it will have to be written into a separate draft law.

Russian president Vladimir Putin issued a deadline for the adoption of new crypto regulations in February. The new order states that the legislators have to complete the regulation by the summertime, though a previous order had already been implemented by Putin last year for the same adoption.

Dmitry Medvedev, the Russian prime minister, and former president, stated that cryptocurrencies no longer have the same popularity that they used to. Due to that loss of status, Medvedev has said that the regulation of cryptocurrency is not a priority of the Russian governments.