According to a senior member of the Russian parliament, the country’s MPs want to enact four laws soon that will govern different facets of cryptocurrency. Russian businesses are already making international payments with digital assets, the official said.
In Russia, a vote on new crypto laws is expected before the month’s end.
According to Anatoly Aksakov, chairman of the parliamentary Financial Market Committee, the State Duma, the lower house of the Russian parliament, aims to enact four crypto-related laws during its spring session, which ends on July 30.
According to the member, who was reported by the Interfax news agency, the proposals are designed to control cryptocurrency mining, cross-border crypto transfers, taxation of digital assets, and liability for their illicit use. He stressed that the proposed laws are well-considered and thorough.
According to Aksakov, major Russian corporations are already routinely settling international commercial transactions with cryptocurrencies, but they would benefit from clear legislation establishing the legal environment for such dealings. At the International Legal Forum in St. Petersburg, he made the following remarks:
We’ve reached the point where four measures are ready for implementation… It’s feasible that we’ll pass every bill up for vote in the spring.
Anatoly Aksakov added that the government is interested in hearing from the public about tax policy. Since this is a similar instrument to DFAs, “most likely, the norms applicable to DFAs will be taken into account as much as possible here,” he explained.
In January 2021, China passed a law titled “On Digital Financial Assets” (DFAs), however it only applies to a subset of crypto-related activities, such as those involving digital assets with an issuing company, such as tokenized traditional assets or utility tokens.
However, complete regulations for dealings in decentralized cryptocurrencies like Bitcoin have not yet been implemented in Russia. Russian authorities have increased their efforts in this area in response to pressure from Western sanctions imposed in response to Moscow’s invasion of Ukraine.
To read our article about “CEO of OpenAI assure to achieve $100 mn goal for Worldcoin” click here.
