Russian Companies ‘Actively’ Using Crypto, Russia to Adopt 4 Relevant Laws, Official Says – Regulation Bitcoin News
Russian lawmakers intend to soon approve four bills designed to regulate various aspects of cryptocurrencies, a high-ranking member of the Russian parliament announced. Meanwhile, Russian companies are already using digital assets in cross-border settlements, the official noted.
Russian Legislature to Vote on Crypto Laws by End of July
The State Duma, the lower house of the Russian parliament, plans to adopt four crypto-related laws during its spring session which ends on July 30, according to Anatoly Aksakov, chairman of the parliamentary Financial Market Committee.
The bills are tailored to regulate cryptocurrency mining, cross-border crypto payments, taxation of digital assets, and liability for their illegal use, the lawmaker detailed, quoted by the Interfax news agency. He emphasized that the draft laws are well thought through.
Aksakov remarked that large Russian companies are already actively using cryptocurrency in foreign trade settlements, but they want to see legislation outlining the legal framework for such transactions. Speaking at the St. Petersburg International Legal Forum, he stated:
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.
Anatoly Aksakov also said that the authorities want to take into account the opinions of market participants regarding tax rules. “Most likely, the norms applicable to DFAs will be taken into account as much as possible here, since this is a similar instrument,” he elaborated.
The law “On Digital Financial Assets” (DFAs), which went into force in January 2021, covers only some crypto-related activities, in particular those that involve digital assets with an issuing entity, like tokenized traditional assets or utility tokens, for example.
At the same time, transactions with decentralized cryptocurrencies like bitcoin are yet to be comprehensively regulated in Russia. Pressed by Western sanctions over Moscow’s invasion of Ukraine, Russian authorities have stepped up their efforts in this direction.
Do you think Russia will regulate crypto transactions by the end of July? Tell us in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Hello there, I discovered your blog by the use of Google even as searching for a
comparable subject, your web site got here up, it seems to be good.
I’ve bookmarked it in my google bookmarks.
Hello there, just become aware of your weblog thru Google, and located that it is truly informative.
I am going to be careful for brussels. I’ll appreciate in case you proceed this in future.
Lots of other folks will probably be benefited out of your writing.