Russia Dismisses the Term “Crypto” From Its Law Until Possibly Late 2018

    Russia Dismisses the Term, “Crypto” From Its Law Until Possibly Late 2018

    Russia has been very active when it comes to the crypto sphere, as the country has been conducting several research and development in an attempt to understand and create a regulatory framework in which the digital asset can be considered legal. In fact, during the said processes, cryptocurrencies were never frowned upon, at least until recently.

    A recent press release by Coin Geek revealed that lawmakers were unable to decide on how cryptocurrencies should be perceived, hence forcing the country to eliminate the term from its law and other legal affairs. This comes out as a shock considering the fact that Russia even conducted its very own successful, Initial Coin Offering (ICO). So, what happened exactly?

    Turns out, a regulatory framework was presented to Russia’s lower house of parliament under the instructions of President Vladimir Putin. This happened in July 2018 and resulted in a complete confusion due to the lack of coordination among legislators, which further delayed the decision-making processes.

    Due to the postponing on behalf of lawmakers, the country has finalized that until a sound conclusion has been arrived to, they will not include cryptocurrencies in their law. This is not entirely problematic for citizens who have invested in the respective sphere considering that cryptocurrencies are still considered “digital financial assets”, can be bought, sold or transferred to one’s likings, can be swapped for rubles, and finally, citizens can still invest in ICOs.

    To supplement lawmakers’ processes on coming up with a clear classification for cryptocurrencies, Russia’s Federal Financial Monitoring Service (FFMS) is supposedly working towards a study that focuses on crypto transactions, wallets and primarily, the use of BTC. Results of the FFMS study is anticipated for by year end, therefore the country could potentially add cryptocurrency back into its legal affairs or further postpone it. This, unfortunately, will have to wait until year-end 2018.

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