In Russia, lawmakers are looking to swiftly adopt four bills to regulate various aspects of cryptocurrency use. Anatoly Aksakov, Chairman of the Financial Market Committee in the lower house of the Russian Parliament, the State Duma, has announced these bills will be passed during the spring session which ends on July 30. Russian companies have already begun to make use of digital assets for cross-border payments, and want legislation that outlines the legal framework surrounding such transactions.

The four bills are designed to regulate cryptocurrency mining, cross-border payments, taxation of digital assets, and liability for their illegal use. Aksakov noted that the drafts were well thought-out, and that they take into account the opinions of market participants regarding taxation rules.

Currently, the law “On Digital Financial Assets” (DFAs) which came into effect in January 2021, covers only some cryptocurrency-related activities, mainly those involving digital assets with an issuing entity, such as tokenized traditional assets or utility tokens. The regulation of decentralized cryptocurrencies such as Bitcoin is yet to be comprehensively regulated in Russia. Now the nation is speeding up the necessary efforts due to western sanctions in response to its invasion of Ukraine.

The four bills are essential for the proper working of the cryptocurrency market in Russia, as well as legally providing protection to companies and individuals who participate in the industry. Once adopted, it is hoped that the legalization of cryptocurrencies and their usage in Russia will be a huge financial benefit for the entire nation.



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