Revamped Law on Digital Assets Drops ‘Cryptocurrency’, Report:
The Russian crypto regulatory framework has lingered for months. In May, three bills were filed within the State Duma, the lower house of parliament, and were listed for adoption in July, as ordered by President Putin himself. But, deputies found it hard to synchronize and compile the drafts into single legislation – after the first reading this spring, they suspended the second reading and the final voting for the fall session.
The updated law “On digital financial assets” will be presented for public debates in October and probably adopted by the end of the year. The word cryptocurrency has generated a lot of headaches for Russian lawgivers. They’ve been working to come up with legal definitions for some new terms associated with the fintech industry without opposing the current law which regards the ruble as the only legal tender and forbids all money surrogates. It turns out they have determined to get rid of “cryptocurrency” altogether, according to Izvestia – the outlet claims to have seen the latest version of the draft.
This significant update involves crypto mining. Initially, the law defined the action as the process of building cryptocurrency. Now Izvestia writes that the document defines it as the issuance of tokens to attract capital investments – a definition that better suits ICOs. In any case, tokens will serve property rights and ownership stakes. Registered local and international companies and private individuals will be authorized to issue digital coins. It’s also worth writing that an alternative bill has proposed by an industry organization combining some of the largest business enterprises in the nation. Unlike the state-sponsored law, this draft authored by the Russian Union of Industrialists and Entrepreneurs (RUIE) stipulates giving special status to cryptocurrencies.
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Do you think the future of cryptocurrencies depends on the laws adopted by governments? Tell me in the comments section below.