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Russia prepares for the adoption of the law on cryptocurrencies

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Some Russian officials are being forced to sell their crypto by April 2021

Russia prepares for the adoption of the law on cryptocurrencies

Russia prepares for the adoption of the law on cryptocurrencies
CONTENT

  • Russia may adopt a law on cryptocurrencies in the fall

  • Government may ban cryptocurrency, but it is not clear what cryptocurrencies are

  • The crypto community is against the draft law in this version

International consortium of news organizations developing transparency standards.

The State Duma again started talking about the adoption of the law “On digital financial assets”, work on which was started two years ago. In fact, the approval of the bill will create a regulatory framework for the use of cryptocurrencies, as well as introduce certain restrictions on crypto coins. What awaits the Russian crypto community, BeInCrypto learned.

Russia prepares for the adoption of the law on cryptocurrencies

How will we buy cryptocurrency

 

The draft law “On digital financial assets” was created in 2018 during the cryptocurrency boom. Then bitcoin reached the $ 20,000 mark, and the ICO market was growing rapidly. Russian officials decided to develop a regulatory framework for the legal circulation of cryptocurrencies and attracting foreign crypto investors. The first version of the bill was sent to the State Duma for consideration, but it was never returned to its approval. The price of cryptocurrencies fell, so the legalization of cryptocurrencies was postponed “on the back burner”.

The crypto community has repeatedly asked officials to consider a bill that could create a legal framework for the circulation of cryptocurrencies. Officials decided to return to this issue only now, when Bitcoin has broken the $ 10,000 mark.

Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, said that the country plans to allow the purchase and sale of cryptocurrency, but it is not yet clear how the turnover will be carried out, since the submitted bill actually provides for criminal liability for cryptocurrency circulation.

As Aksakov explained, “if you do not declare” the cryptocurrency, then in fact the company or investor is not subject to the bill, but is deprived of the right to judicial protection.

Russia prepares for the adoption of the law on cryptocurrencies

Aksakov also explained that it is possible to buy cryptocurrency in Russia, but only on sites registered outside of Russia..

“But these sites cannot function on the territory of the country, and digital assets acquired on foreign exchanges must be declared,” RBC quoted Aksakov as saying..

As the experts themselves admitted, this measure will practically not affect the availability of cryptocurrencies for residents of Russia, but the cryptocurrency business will simply go into the shadows or it will be forced to register in another state.

Fines for cryptocurrency turnover

 

Earlier, BeInCrypto reported that a bill was submitted to the State Duma, which in fact “survived” the crypto business from the country. For the acquisition or circulation of cryptocurrency, huge fines were assumed – up to 2 million rubles, as well as criminal prosecution and imprisonment for up to 7 years.

This initiative caused a stormy disagreement among representatives of the crypto business. In particular, the Commission for the Development of Blockchain Technologies and the Crypto-Economy of Investment Russia reported that “the proposed versions of the draft laws are aimed at lobbying the interests of Russian banks and completely displacing the presence of international cryptocurrency exchanges. Tough regulatory measures will lead to the complete withdrawal of IT projects and exclude Russia for many years as one of the leaders in the development of blockchain technologies “.

But experts are concerned about the curiosity of the situation itself. In fact, the bill submitted to the State Duma prohibits the circulation of digital assets, but the law has not yet defined what a “digital asset” is..

Aliya Yusupova, Head of the Legal Affairs Committee of the Financial Innovations Association, commented on the situation:

Russia prepares for the adoption of the law on cryptocurrencies

“What exactly are we banning? The draft law does not define the status of digital currencies as an object of civil rights – in the prepared package of draft laws, there are simply no amendments to the Civil Code that bring clarity, “she said..

Overall, the proposed bill asks more questions than it answers. But the experts still have time to make the appropriate amendments and adopt the finished bill. Consideration of the document will take place no earlier than the autumn session of the State Duma.

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