Putin Orders Lawmakers To Regulate Crypto by July 2019

Wilfred Michael 

Wilfred Michael

News reporter

28 February 2019,
11:14
Putin Orders Lawmakers To Regulate Crypto by July 2019

Russian President, Vladimir Putin has instructed lawmakers in the Russian Federal Assembly to adopt a regulation for cryptocurrencies before July 1, 2019.

Putin made the recommendation in an implementation order sent to various Russian public offices on how to improve the nation’s economy in the coming years. The decree published on the official website of the Russian President specifically orders the creation of federal laws aimed at the development of the digital economy.

In pointing out the aspects that need federal laws, the order mentions “the procedure for conducting civil law transactions in electronic form, as well as regulating digital financial assets and attracting financial resources using digital technologies.”

Interestingly, this marks the second time that Vladimir Putin has made such a request to the country’s lawmakers. Following a meeting with officials on the use of digital technologies in October 2017, the national leader had ordered the creation of the crypto laws before July 2018, but lawmakers were not able to meet that deadline.

In the light of recent events, however, it is increasingly likely that the Presidential request will be satisfied this time around.

As Stmarket.co reported last week, Oleg Nikolaev, a member of the Russian State Duma Committee on Economic Policy revealed that the law on cryptocurrencies could go into effect in March, three months earlier than the Presidential deadline.

Also, the Russian Supreme Court earlier this week amended anti-money laundering (AML) laws to include the use of cryptocurrencies. That means that any individual or organization who uses cryptocurrencies to steal or launder money would be charged as a criminal.

Following the amendment, the court hinted that the crypto regulations would arrive soon to aid the implementation of the anti-money laundering laws.

Meanwhile, India is another country facing a deadline to implement crypto regulations. Earlier this week, judges in the country’s Supreme Court gave the government four weeks to create the laws or risk further damages.

 

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