Russia to Introduce New Cryptocurrency Laws

New cryptocurrency laws are anticipated to be released for official consideration to the Russia's national legislature on Dec. 28, according to a senior government officer.

Russian press sources RIA and TASS cited comments by lawmaker Anatoly Aksakov, who chairs the State Duma's financial markets committee, the rules — that will allegedly formalize rules across the creation and exchange of cryptocurrencies such as bitcoin — are inclined to be cleared by early following year.

“I expect the adoption of the draft law will be in March… The dilemma is that we have a lot of folks who acquire and they are deceived, we must give people the opportunity to work lawfully with it, to protect them as much as possible,” Aksakov has been quoted as saying by RIA.

The remarks all but affirm that Russia will not finalize the bill by the end of the calendar year, as Aksakov had previously suggested. In September, the senior lawmaker said he thought the work could be wrapped up before winter. The step has confronted a series of delays due, in part, to conflicting visions over the scope of the proposed legislation.

The anticipated move to submit the bill also comes months after Russian President Vladimir Putin ordered new regulations to be developed round cryptocurrencies and blockchain, such as rules specifically aimed at initial coin offerings (ICOs).

As quoted by TASS, Aksakov cited Putin's directives when speaking about the work that is expected to perform over the coming weeks and months.

“We have a deadline given by the president, and after a week there will be a demonstration of the bill which will begin to be debated,” he told reporters.

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