The new set of measures in reference to the development of “Russian offshores” will have an effect on digital assets, major Russian press agency TASS reported on March. 1.

The Russian Ministry of Economic Development is reportedly working on the third set of measures for the event of therefore known as “Russian offshores” — places where corporations will lawfully be exempt from paying taxes or follow relaxed rules, — which can embrace a special regulation of digital assets and shipping.

Deputy Minister of Economic Development of Russia, Ilya Torosov reportedly told TASS that the special regulation of digital assets encompasses cryptocurrencies. “It is evident that this can be cryptocurrency, but for now we are speaking additional typically. Regarding the time frame for implementing the third set of measures, i'm presently not able to offer a response,” Torosov added.

In the end of Feb, Russian President Putin ordered the govt. to enforce crypto-related regulation by July 1, 2019. The directions need the legislation to incorporate a restrictive framework for digital monetary assets, similarly as attract larger monetary resources supported digital technologies.

The Russian State Duma plans to review and adopt new cryptocurrency regulations in March, whereas Igor Yusufov , the previous Energy Minister ,is additionally proposing an oil-backed crypto. Yusufov reportedly same that the introduction of a crypto settlement system on the energy market might cut back prices related to the utilization of unbacked currencies and therefore the fluctuations of their exchange rates.

In the in the meantime, Russian Minister of Justice Alexander Konovalov reportedly claimed that it's too early to formalize crypto-related legislation. Each the constitution and current national economy legislation in Russia “categorically prohibit” exploitation cryptocurrencies as a way of payment, Konovalov argued.

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