Russia to Adopt Crypto Legislation Within Two Weeks: Deputy Finance Minister

[Cisco]

Russia's parliament, the State Duma, will adopt the country’s major crypto bill “On Digital Financial Assets” (DFA) in the next two weeks, according to a local senior finance official. The news was reported by Russian government-backed news agency TASS on June 19.

Russia's deputy finance minister, Alexei Moiseev, revealed that the State Duma is currently considering the DFA, and is expected to adopt the bill in the second reading within the next two weeks.

Moiseev added that the authority has approved separate legislation for initial coin offerings, which will be a part of Russia’s law on crowdfunding.

Russia will thus have two bills related to cryptocurrencies, the DFA and the law on crowdfunding, Moiseev stated, adding that the DFA is expected to be approved in the version that has been prepared for the second reading.

If adopted as expected by the official, Russia’s crypto regulation will come in accordance with the order of the country’s president, Vladimir Putin, who required the state to enforce regulation for the crypto industry by July 1, 2019.

Recently, TASS had reported that Russia was postponing the adoption of crypto legislation due to certain terminology requirements from the Financial Action Task Force on Money Laundering, as the bill lacked key terms such as “cryptocurrency.”

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[Fenix]

I would like to see the promised law on regulation of cryptocurrency in Russia as soon as possible. I do not think that ordinary people will like it. If the bill that passed the first reading is finally adopted, then, most likely, people will not be allowed to freely use cryptocurrency.
The fact that a separate law passed a law on the initial issue of coins is good news. Although it is very tough, it leaves no chance for fraud.

[Senin]

I am a little surprised that President Putin instructs the legislative body of Russia - the State Duma to adopt separate laws by a certain time. In my opinion, there is no such authority in any president in any state.
I also do not think that this will be a good law that will contribute to the development of cryptocurrency in this country. However, we will wait two more weeks. We, apparently, will have a lot of reasons for his criticism.

[Senin]

Almost a year has passed, and there is still no law on cryptocurrency in Russia. How then can one relate to the words of the highest officials of this state if they do not fulfill their promises. A mystery remains regarding this law, since no one can still say which of the proposed conflicting bills will be adopted.