Russia is preparing for the long-awaited legislation intended to regulate their Cryptoprotected.


Russia is preparing for the long-awaited legislation intended to regulate their Cryptoprotected.

Rossiyssky bill was deposited cryptocurrency for months. In may, the state Duma, the lower house of Parliament, was filed three bills that had to be taken in July, as mandated by President Putin. However, MPs were difficult to sync and compile the projects into a single legislation, after first reading this spring, they postponed the second reading and final vote in the autumn session.

The revised law “On digital of financial assets” will be presented for public discussion in October and, we hope, be adopted by the end of the year. The word cryptocurrency created many headaches for the Russian lawmakers. They tried to come up with legal definitions for several new terms related to industry and FINTECH, is also consistent with the current law, which sees the ruble as the only legal tender sredstva, forbidding all money surrogates. Turns out they decided to get rid of “crypto-currencies” in General and to introduce the term “digital asset”.

Another significant update concerns the development and creation of cryptocurrency. Token-ICO will represent the rights of ownership and share of ownership. Registered local and foreign companies and individuals will be allowed to issue digital coins if they are secured by other assets.

It is also worth noting that an alternative bill was proposed by the industry organization that brings together some of the largest business enterprises in the country. In contrast to the law, publicly funded, this project, developed by the Russian Union of Industrialists and entrepreneurs (RSPP), provides for the granting of special status to the cryptocurrency.

It is unlikely that the Russians will suddenly cease to buy, sell and use the cryptocurrency, simply because this term did not appear in the lexicon of their deputies. Many trading platforms offer them the opportunity to enter the cryptosystem. Payment systems and banks continue to work with exchanges and exchange offices, despite the legal uncertainty at the moment and the forthcoming controversial legislation.

In the local cryptographic media are listed some of the most popular platforms in Russia is a Binance, Exmo, Livecoin, Yobit, Hitbtc, Poloniex and others. Some of them, such as the British Exmo, support crypto-denominated transactions and are popular not only in Russian Federation but in the former Soviet Union, including Ukraine, where it is one of the three leading stock exchanges, along with Kucoin and BTC Trade UA.

There are many options for trade, and no law can deprive Russian citizens the right to participate in the development of kryptonyte.

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