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 senior 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 the end of July

The State Duma, the lower house of the Russian parliament, plans to pass four crypto-related laws during its spring session ending July 30, according to Anatoly Aksakov, head 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 illegal use, the lawmaker said, quoted by the Interfax news agency. He emphasized that the draft laws are well thought out.

Aksakov noted 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:

We have now reached the point where four bills are at the stage of practical adoption… It is quite possible that we will pass all the laws in the spring session.

Anatoly Aksakov also said that the authorities want to take into account market participants’ opinions on 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 entered into force in January 2021, covers only some crypto-related activities, especially those involving digital assets with an issuing entity, which tokenized traditional assets or utility tokens, for example.

At the same time, transactions with decentralized cryptocurrencies such as bitcoin are not yet fully regulated in Russia. Pressured by Western sanctions over Moscow’s invasion of Ukraine, Russian authorities have stepped up efforts in this direction.

Do you think Russia will regulate crypto transactions by the end of July? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’ quote: “To be a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.