Russia Could Adopt Cryptocurrency Law By the End of Fall

FinTech, Regulation | September 4, 2017 By:

Russian parliament member Anatoly Aksakov recently revealed that proper cryptocurrency regulation may be introduced in the next few months.

Aksakov, who leads the State Duma’s financial markets committee, informed the Russian media that a dedicated working group to address the cryptocurrency issue will be formed. The working group will discuss the definition of cryptocurrency as a financial instrument and the designation of a regulator for the emerging market. He added that he would be meeting with officials from Russia’s Central Bank and the Ministry of Finance in the coming days.

If all the pieces fall into place, Aksakov hopes the lawmakers could complete most of the cryptocurrency related legislative procedures in the coming months.

“If we agree on the main approaches in the coming week, I think that by autumn, by the end of the fall session, we will be able to adopt this law in order to provide a legal space for the development of this market,” said Aksakov.

Earlier this year, Boris Titov, a Russian politician and the Presidential Commissioner for Entrepreneurs’ Rights, proposed that the Russian Central Bank follow the Japanese model in regulating cryptocurrencies like bitcoin and ether. Titov pointed out that Japan has recognized cryptocurrency as a means of payment, not as money.