Russia is already on the path to regulating the crypto industry following orders by the country’s President, and could finally fit in the last piece of the puzzle in a spring session according to Olga Skorobogatova, the first deputy chairman of the Bank of Russia.
According to the local news outlet, TASS, Skorobogatova confirmed that development in a recent appearance at the Russia State Duma, telling her audience that the law on digital financial assets is almost ready.
Precisely, Skorobogatova is quoted by TASS as saying,
"The law on digital financial assets, on crowdfunding, etc., all these bills are in a fairly high degree of readiness. Colleagues from the State Duma committees are very helpful, we expect that these laws can be passed during the spring session."
The Russian Central Bank top official further highlighted the benefit of the country adopting such a law. According to her, it will open up the opportunity for the execution of new projects, likely by both the state and other enterprises.
For clarification, the Russian State Duma has two sessions, Spring and Fall. With the Spring Session likely to end in late July, it is expected that the legislative body introduces the crypto laws before the period ends.
Interestingly, the lawmakers would still have to roll out the regulations before the end of June to meet the July 1, 2019 deadline outlined in the February order by President Vladimir Putin.
Stmarket.co has also reported other crypto regulation efforts in Russia, including suggestions that the law should stipulate a cap on the volume of crypto purchases by unqualified investors. Aside from that, lawmakers also believe that identity verification should be made compulsory for crypto investors while at the same time, crypto-related theft would count as a criminal offence.