No Significant Changes Foreseen To Upcoming Crypto Legislation – Russia’s Deputy Prime Minister

News, Regulation | December 13, 2018 By:

Maxim Akimov, Russia’s Deputy Prime Minister for Transport, Communications and Digital Economy, said that the government is not planning to make any changes to the country’s upcoming crypto regulation.

In May of this year, the Russian parliament approved the first reading of new laws regulating the crypto industry. The draft laws “On digital financial assets,” “On crowdfunding” and “On digital rights” are designed to regulate the circulation of cryptocurrencies and initial coin offering (ICO) tokens.

The adoption of the legislation, however, has been delayed. Earlier this month, Pavel Krasheninnikov, the head of the council and chairman of the State Duma committee on state building, said that the crypto legislation has been sent back to the first reading stage for significant changes.

Akimov said this week that they are not planning any significant amendments to the previously announced draft bills.

“We are having a big conversation with any interested parties, we are in a dialogue and discuss it at various venues,” Akimov said. “We adhere to the position that has been worked out at the site of the two committees (the State Duma) – the Finance Committee and the Civil Law Committee.”

Last month, Anatoly Aksakov, chairman of Russia’s State Duma Committee on Financial Markets, announced that they were considering the creation of a ruble-pegged stablecoin. At the time, Aksakov said that the stablecoin would replace the fiat ruble “as soon as the blockchain begins to occupy a significant place in our economy.” The chairman noted that this process must be regulated by the Russian central bank.

Akimov said that the creation of stablecoin-related regulations would possibly “duplicate the standard mechanisms for fundraising.”

“Yes, there is sound grain there, but this is not the case for which all civil law must be turned upside down,” Akimov said. “These tools must be entered into civil legislation very carefully, which we are trying to do.”