The Central Bank of Russia has recently emitted a report affirming that the draft bill on crypto regulation is currently being prepared and that it will be adopted until the Spring of this year. Russia is a major cryptocurrency market but it still struggles with the lack of proper regulation, so this is a major issue for the country.
Olga Skorobogatova, who acts as the first deputy governor of the national central bank, has affirmed that the new bill, which will be called On Digital Financial Assets, has to be adopted soon. This will happen because of an order emitted by the president of the country, Vladimir Putin, who is concerned about the insufficient regulation in the sector.
The deputy governor recently spoke at the parliament of the country and affirmed that the new crypto bill is prepared to be approved and then adopted. Together with it, there will be a law regarding crowdfunding and some other bills which are related to the crypto market.
If the bill is actually properly turned into a law, it would be great for the local community of the country, which hopes to become a vibrant market soon but often trips on regulatory issues.
It was also emphasized that all the draft bills are very important for the development of the country and should be implemented as soon as possible.
On the other hand, the prime minister of Russia, Dmitry Medvedev, has recently affirmed that crypto regulation is not really a priority for the government at the moment since it has lost most of its popularity ever since 2017, which shows that maybe the government is not completely sure on which way to follow on this topic.
A second reading of the law was also officially delayed recently as the Russian authorities revealed that the Financial Action Task Force on Money Laundering asked the country to avoid some terminologies in the bill.
Despite the efforts of some sectors, it looks that, unfortunately, the crypto market in Russia is far from being as properly regulated as it can be.
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