Russia Will Not Make Significant Changes To Draft Crypto Regulations

Wilfred Michael 

Wilfred Michael

Reporter

15 December 2018,
12:41

Ahead of the release of crypto regulations in Russia, deputy prime minister Maxim Akimov has revealed that what will come off as the final piece will not be so different from the draft bill which was approved by the Parliament in May.

According to local news agency Finmarket, Akimov said that the parliament is not “planning any significant deviations from the previously announced concept” and are currently holding talks with parties involved in forming the legislation.

The latest comments by Akimov contradicts an earlier declaration by State Duma Committee head Pavel Krasheninnikov that the bill has been taken back to the first reading stage for some significant changes to be made.

Whether the disparity has been corrected or not, we can assert for the Akimov’s recent statements that the country is edging closer to finalizing the bill.

One of the features to be expected from the final bill is that there will be no new regulations for stablecoins. Even though these type of cryptocurrencies witness more adoption around the globe, Akimov said in the report that they fit into “the standard mechanisms for attracting funding" and as such will be added carefully to existing civil laws.

 

Crypto Price Correction Is A Warning

The deputy prime minister also pointed to the correction in the price of cryptocurrencies as a reason why the State must be “cautious” in creating regulations for the industry. Bitcoin had dropped from its valuation of $9000 in May when the first bill was passed, to a poor $3434 at the time of writing this report.

To avoid any further complications with the proposed regulation, Akimov said they would “adhere to the position that has been worked out at the site of the two committees (the State Duma) - the Finance Committee and the Civil Law Committee," in a meeting held in October.

Meanwhile, no deadline has been given as to when the final version of the “Digital Asset Regulation Bill” will be ready.