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Law On Cryptocurrency In Russia To Be Adopted By July 1, 2019

15:37 28/02/2019
President Of Russia Sets Deadline For Crypto Law Adoption

The President of Russia Vladimir Putin instructed the country’s Cabinet of Ministers, together with the members of the lower house of the Parliament, to adopt a law on the regulation of the crypto market by July 1, 2019. The order is published on the official website of the Kremlin.

 

On February 20, 2019, the head of the country delivered the message to the Federal Assembly of Russia. He mentioned various issues in many areas of the country's political and socio-economic activities. Special attention was paid to the digital economy.

 

According to the order, the presidential administration sets out instructions, deadlines for their execution and appoints responsible persons. In one of the clauses on the document, the government of the country and the State Duma, represented by the head of the cabinet of ministers Dmitry Medvedev and the chairman of the legislative assembly Vyacheslav Volodin, are appointed to be responsible for passing state laws regarding the digital economy development.

 

Relevant legal acts should define the rules for conducting transactions in electronic form, provide for the regulation of digital assets and the procedure for attracting monetary resources using innovative technologies. All documents should be developed and adopted by the deputies of the Duma during the first six months of 2019.

 

The law on regulation of digital financial instruments remains at the lower house of parliament of Russia. In December 2018, Russian lawmakers decided to postpone its consideration to the spring session.

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