Cryptocurrency Regulation Bill To Be Presented In Russia Next Week

News, Regulation | December 22, 2017 By:

The Chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov, has said that a draft law on the regulation of cryptocurrency in Russia will be presented on December 28.

“Today we will have a meeting in a small circle, where we will highlight the key points before the presentation of the draft law,” said Aksakov. “Cryptocurrency is defined as other property; there are no names – bitcoins, ethereum.”

Aksakov noted that the draft law is not the latest version – the latest version will be discussed in the coming days. He expects that the adoption of the draft law on cryptocurrencies will arrive in March.

“The problem is that we already have a lot of people who acquire [cryptocurrencies] and they are deceived,” Aksakov  said. “We need to give people the opportunity to work legally with it, to protect them as much as possible.”

Russian regulators had initially said all cryptocurrencies were illegal. But in October, the regulators revealed how they plan to find and tax cryptocurrency miners, as well as license them. This follows their meeting with Russia’s President Vladimir Putin. At the meeting, they agreed to regulate cryptocurrency mining alongside cryptocurrencies themselves, including bitcoin.