The bill regulating the cryptocurrency finally approved in the third reading by the Russian Parliament. So, from January 2021, cryptocurrencies gain legal status in Russia, but it will not allow you to use it as a payment method. Russia today took the main bill associated with cryptocurrencies.
The state Duma adopted a draft law entitled “On digital of financial assets”, reported Cointelegraph.
After the initiation of the bill in 2018, the Russian government finally agreed to provide the legal status of the cryptocurrency, ready to take the first major piece of legislation for the industry.
After the last decision of the Duma the draft law “On digital of financial assets”, or CFA, is expected to enter into force on 1 January 2021. The bill provides a legal definition of digital assets and legitimitize trade of cryptocurrencies in Russia. However, the bill prohibits the use of cryptocurrencies, such as bitcoin, as payment method.
The actual regulation will be set out in another bill.
Although the bill of CFA provides the basis of the legislation on cryptocurrencies in Russia, regulation of the industry will be in the main part of another bill. The latest report confirms the fact that the actual regulatory framework for cryptocurrencies will be set out in the draft law “On digital assets.” As reported, the Duma is expected to adopt the bill on TSA during the autumn session, which ends in late December.
Some industry players believe that the latter bill is a CFA should not be considered as actual green light for cryptocurrency. Maria Stankiewicz, Director of development cryptobytes on EXMO, said that the bill should be considered as a “Glossary” for cryptocurrencies, while the TSA bill is still being discussed from various Russian legislators and, finally, “may come as a surprise”.
The new legislation will allow the Russians to release stabilini. Anatoly Aksakov, member of the State Duma, who was behind the cryptocurrency legislation of the Russian Federation confirmed that the new law will allow local companies to issue stabilini tied to Fiat currency.
According to the official, the Russians will be able to launch these coins and exchange them for other assets, including digital assets that have been issued abroad.
The Russian Central Bank will be the main industry regulator
Under the new legislation the Central Bank of Russia, will be legally empowered to oversee activities related to the issuance of digital currencies in the country. In addition, the Bank will be able to impose additional requirements to the issuers of cryptocurrencies and cryptocurrency exchanges. The Russian Central Bank will also be responsible for creating the framework on which types of digital currency can buy qualified and unqualified investors.
As he wrote Coinews, despite the fact that Russia is developing a new strict legislation on cryptocurrencies, exchanges, exchanges P2P and cryptocurrency in the country increase significantly.
Earlier Coinews informed that after repeated delays, the adoption of the Russian law on crypto-currencies will be postponed again, now because of the threat of the disease.
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