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Russian crypto draft bill to be ready by the end of May

crypto regulation russia

Even though the prime minister of Russia was very vocal about his opinion on the crypto regulation in Russia, it was expected that his voice would not be heard. And today’s new released by TASS confirms it, as the country preparing to showcase the draft by the end of May 2019.

The implementation of the new crypto regulation bill, dubbed “On Digital Financial Assets”, is currently being facilitated by the Russian central bank. The deputy governor, Olga Skorobogatova commented, saying that the bank is in great anticipation for the bill to arrive on time this time.

More than a year in development

The bill was scrapped a year ago when there was no clear understanding from the government about cryptocurrencies. The main reason that the drafting of the bill stopped was the non-inclusion of crypto mining, which is arguably the most lucrative segment of the crypto market.

Nevertheless, the country’s president. Vladimir Putin put his foot down and introduced another deadline which was supposed to last by the end of June 2019, but another late bill would surely stir trouble in the parliament.

The primary reason why Russia is implementing the regulation is national safety. Many a time has it been mentioned that the Russian Federation is a victim of uncontrolled money laundering. A crime which is now facilitated by cryptocurrencies. The inclusion of the digital assets into the economy will ensure their taxation and complete control for the government.

It may spell trouble for successful crypto traders, but it’s far more beneficial for the safety of the digital world. It may even affect the Telegram cryptocurrency.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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