Official Says Russia to Adopt 4 Relevant Crypto Laws

Official Says Russia to Adopt 4 Relevant Crypto Laws

A senior member of the Russian parliament revealed that lawmakers plan to imminently pass four bills aimed at regulating different aspects of cryptocurrencies. Additionally, the official highlighted that Russian companies are already utilizing digital assets for cross-border transactions.

Official Says Russia to Adopt 4 Relevant Crypto Laws

Anatoly Aksakov, the chairman of the parliamentary Financial Market Committee, has announced that the Russian State Duma intends to vote on four cryptocurrency-related bills during its spring session, which concludes on July 30. The bills aim to regulate various aspects of digital assets, including cryptocurrency mining, cross-border crypto payments, taxation of digital assets, and penalties for their illicit use. Aksakov emphasized that the draft laws have been carefully considered.

During his speech at the St. Petersburg International Legal Forum, Aksakov highlighted that major Russian corporations are currently utilizing digital currencies in cross-border trade settlements, but are awaiting the implementation of legal guidelines to ensure the legitimacy of these transactions.

Now we have come to the point where four bills are in the stage of practical adoption … It is quite possible that we will adopt all the laws in the spring session.

In addition, Anatoly Aksakov added that the government aims to consider the viewpoints of market players concerning tax regulations. He explained that the rules applied to Digital Financial Assets (DFAs) would likely be taken into consideration as they are similar instruments.

While the law “On Digital Financial Assets” (DFAs) became effective in January 2021, it only regulates certain crypto-related activities involving digital assets with an issuing entity such as tokenized traditional assets or utility tokens. Transactions involving decentralized cryptocurrencies like Bitcoin are still awaiting comprehensive regulation in Russia. As a result of Western sanctions related to Russia’s incursion into Ukraine, Russian authorities have intensified their efforts to address this issue.

Also Check: Bitcoin two-month low as pepe slides 70% from peak

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