Russian President Vladimir Putin Issues New Crypto Asset Regulation Deadline for Government
Cryptocurrency regulations are currently pending in Russia, but it is clear that President Vladimir Putin wants to get this process moving along. After already establishing a deadline for the implementation of these policies, President Putin is now issuing another deadline, based on information published on the official website for the President, Kremlin.ru.
The document, which was issued in the form of instructions to the Federal Assembly, states that the government needs to issue the necessary crypto regulations no later than July 1st, 2019.
The Council of the Federation of Russia and the lower house of the Federal Assembly of Russia are required by the President to adopt the regulation when the 2019 spring session arises.
Rather that offering just a general statement that could apply to any part of the crypto industry, the document specifically states that the federal legislation needs to help develop the digital economy. In that, the regulations of civil-law digital settlements will need to be added as well, including the regulatory framework for digital financial assets.
Back in 2018, President Putin had ordered that the government set up the regulations to make it possible to trade Bitcoin and other cryptocurrencies. His order had included the need for framework that allows for initial coin offerings (ICOs) and crypto mining, with a requirement to establish such a setup by July 2018.
In May 2018, the crypto legislation had actually seen its first reading, but the terms associated with cryptocurrency and tokens were replaced with “digital rights” in the legislation by the fall. Furthermore, the new version of the bill had cut out crypto mining entirely, and the crypto regulation bill ended up being sent back to the first reading stage by the end of the year.
Rambler, a Russian financial outlet, expressed that the Russian State Duma (the lower house of the Federal Assembly of Russia) is intending to review the new regulations, hopefully adopting them by next month.
The Russian Minister of Justice has previously stated that there’s no need to define cryptocurrency, since the current policies don’t allow it to be used as payment.