Russia’s Parliament Could Apply Crypto Defining Regulations Within Quarter 1 of 2019
Russia’s lower house called the State Duma plans to discuss a draft crypto regulation bill in the next two months.
This will most likely take place in the next two months. According to an official of the State Duma, the long-awaited crypto bill for digital assets, in part of an initiative to regulate investment platforms and crowdfunding.
How the Timeline Came About
The timeline was set after Vyacheslav Volodin, the chairman of the state Duma made a request. This was made on January 9, during the opening of the spring session for the State Duma. He urged members of parliament to focus on bills related to the digital economy, which include a bill on crypto.
The chair has also proposed that groups of experts be created to ensure that the creation of these new laws is sped up.
The First Reading
The Russian parliament passed the bill during its first reading in May 2018. However, after editing, the final version was heavily criticized by those in the crypto sector. The draft did not have clear definitions for the core concepts of crypto such as cryptocurrency and mining. It was thus sent back to the first reading stage.
A union of entrepreneurs and industrialists in Russia, which was amongst its members, Vladimir Potanin, a mineral, and mining billionaire, offered an alternative bill. The proposed bill was sent to the Russian Prime minister in November 2018.
Russia is also working on a proposed project for Crimea. Apparently, the nation might launch a blockchain cluster that will be based in Crimea. This will help to attract investors and help circumvent sanctions that were imposed on Crimea after Russia absorbed it as part of its territory. There are investors who have shown interest.
However, the authorities in Crimea are still waiting for regulation to become law before they move on with anything.
The Crimean Crypto Fund
According to reports, Crimea will use the fins to get around sanctions. According to the Deputy Prime Minister of Crimea, this method is an effective way to avoid sanctions. They intend to accumulate crypto assets, sell them for fiat, and use the money for projects in Crimea.
However, things have not been so rosy for crypto in some areas. Telegram, the go-to app for crypto was recently blocked in Russia. To enforce the ban, about 20 million IP addresses had to be blocked. However, users in Russia still indicate they are able to access the app. This happens even without the use of additional measures such as Proxy.
More Bills in the State Duma
This is not the only bill Russia will pass that touches on crypto. Apparently, about 20 bills could pass in the spring. This could help to give the nation a head start when it comes to crypto.
The chair of the State Duma has said parliament should give this a priority since it will be for the good of Russia. Right now, digital currencies seem to be an important agenda for Russia, which might help the nation deal with sanctions imposed by the US.