Government Official: Russia to Introduce Crypto Regulation Measure Next Week

A senior Russian government official declared that new cryptocurrency laws are scheduled to be introduced for formal consideration on Russia’s national legislature on December 28.

Russian media sources RIA and TASS quoted statements from lawmaker Anatoly Askakov, chair of the State Duma’s financial markets committee, saying that new laws, which will formalize new rules regarding the creation and exchange of cryptocurrencies like bitcoin, are expected to be cleared by early 2018.

RIA quoted Askakov’s statement as saying, “I expect that the adoption of the draft law on [cryptocurrencies] will be in March… The problem is that we already have a lot of people who acquire [cryptocurrencies] and they are deceived, we need to give people the opportunity to work legally with it, to protect them as much as possible.”

The statement all but confirms that Russia won’t finalize the bill by the end of the year, as earlier hinted by Askakov himself. In September, the senior government official said that he believed that the work could wrap up before winter.  The bill has encountered a series of setbacks due, in part, to contradicting views over the scope of the proposed laws.

The expected move to introduce the measure also comes months after Russian President Vladimir Putin ordered the development of new regulations revolving around cryptocurrencies and blockchain, including rules explicitly intended for ICOs or initial coin offerings.

TASS quoted Askakov as citing Putin’s orders when talking about the work that is expected to play out over the coming weeks and months.

He told reporters, “We have a deadline designated by the president, and after a week there will be a presentation of the bill that will start to be debated.”