Russian President Vladimir Putin has issued another deadline for the govt. to adopt laws for the digital assets industry, as per directions for the Federal Assembly. The document was published on the official web site of the President of Russia, Kremlin.ru, on Feb. 27.
According to the document, Pres. Vladimir Putin has ordered the govt. to enforce crypto-related regulation by July 1, 2019. The President has required the Council of the Federation of Russia and the lower house the Federal Assembly of Russia (Russian State Duma) to adopt the regulation throughout the spring session of 2019.
Specifically, the document needs the adoption of federal legislation that aims to develop the digital economy, together with regulation of civil-law digital settlements. The legislation ought to additionally include a restrictive framework for digital monetary assets, moreover as attract greater monetary resources based on digital technologies, the document says.
The recent instruction by the Pres. Vladimir Putin echoes his previous statement in 2018, once he ordered the govt to line up laws for the trade of Bitcoin (BTC) and different cryptocurrencies, initial coin offerings (ICOs) and crypto mining by July 2018.
The Russian parliament passed crypto legislation in its first reading in may 2018, however, in autumn, all crypto- and token-related terms had been eventually replaced with the term “digital rights,” whereas the definition of crypto mining had conjointly been cut out from the bill. As such, Russia’s crypto regulation bill was sent back to the primary reading stage in Dec 2018.
Recently, Russian monetary outlet Rambler reported that the Russian State Duma plans to review and adopt new cryptocurrency laws in March.
Previously, the Russian Minister of Justice argued that the ministry doesn't see the necessity to lawfully define the concept of cryptocurrency, since cryptocurrencies can't be used as a payment technique within the country.
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