State Duma of the Russian Federation Postpones Financial Bill on Digital Assets
According to the local media outlet TASS, the State Duma of the Russian Federation decided to postpone the consideration of the bill “On Digital Financial Assets.” The consideration will be taking place as soon as April 2019.
State Duma Deferred Consideration Of Crypto Regulatory Bill
As reported by Cointelegraph, the second reading related to the legislation to regulate digital assets in Russia has bee rescheduled for April after a decision made on the plenary session. The decision to reschedule the second reading of these regulations has been presented by the Chairman of the State Duma Committee on Financial market, Anatoly Aksakov.
This bill presented aims at helping Russia develop a regulatory framework around virtual currencies. It has been adopted by the Russian parliament earlier in March. Vyacheslav Volodin, the Chairman of the State Duma is the co-author of this bill and explained that the intention is to solve the difficulties related to the concept of digital rights.
The bill provides a clear definition of digital financial assets. They mention that such assets are represented by digital rights.
Pavel Krasheninnikov, the co-author of this bill, has also informed in the past that the bill had to go back to the first reading stage since it had to be changed. In October 2018, the Russian parliament voted to enact new digital rights legislation. The law establishes the concept of “digital rights” in Russian legislation.
There are different countries and jurisdictions that are starting to implement different regulations regarding virtual currencies. The intention is to provide a better legal framework to protect cryptocurrency users and allow firms to expand in the digital currency space.