Skip to main content

Putin’s Order: Russia to Adopt Cryptocurrency Regulation by July This Year

Putin’s Order: Russia to Adopt Cryptocurrency Regulation by July This Year

Russia’s President Vladimir Putin has instructed his country’s government to adopt federal laws relating to cryptocurrency by July this year. Russia has earlier broadened the definition of “digital financial assets” to include cryptocurrencies. Putin’s latest order resembles one he made regarding crypto regulation last year.

Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

Putin’s New Order

Putin has approved a list of instructions for 47 orders, according to a document posted on the Kremlin website on Wednesday. Among them is an order for the government to work with the State Duma, the lower house of parliament, to ensure adoption of “federal laws aimed at the development of the digital economy.” They include “determining the procedure for conducting civil law transactions in electronic form, as well as regulating digital financial assets and attracting financial resources using digital technologies,” the order details.

Putin's Order: Russia to Adopt Cryptocurrency Regulation by July This Year

The deadline listed on the order is July 1, 2019. Responsible officials are Russian Prime Minister Dmitry Anatolyevich Medvedev and State Duma Chairman Vyacheslav Viktorovich Volodin.

As news.Bitcoin.com previously reported, the original texts of the proposed regulation for cryptocurrencies have been extensively revised. While references to cryptocurrency, tokens, mining, and smart contracts in the bills have been removed, the legal definition of “digital financial assets” has been broadened to cover cryptocurrencies.

Multiple Delays

Putin’s latest order resembles one he made last year when he instructed the government to work with the central bank to “ensure that changes are made to the legislation of the Russian Federation” to determine the legal status of digital technologies including cryptocurrency, token, and smart contract. He put Medvedev and the central bank governor, Elvira Nabiullina, in charge of completing the task.

Putin's Order: Russia to Adopt Cryptocurrency Regulation by July This Year

In May last year, three bills aimed at regulating cryptocurrencies were filed in the State Duma and were scheduled for adoption in July, as ordered by Putin. However, Russian lawmakers could not agree on the appropriate legal framework after the first reading in the spring.

The State Duma plans to review the bills again in March, Rambler news outlet reported last week, noting that Oleg Nikolayev, a member of the State Duma Committee on Economic Policy, confirmed that the discussion is at the final stage of development.

Medvedev said in January that there is no reason to bury cryptocurrencies. “As with any social phenomenon, any economic institute, there are both bright sides and dark sides,” he described. Earlier this month, the Russian Minister of Justice voiced his belief that cryptocurrencies do not need to be legally defined yet.

What do you think of Putin’s order? Do you think Russia will start regulating the crypto industry by July this year? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

The post Putin’s Order: Russia to Adopt Cryptocurrency Regulation by July This Year appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2XqvG4w
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more