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The legislation of cryptocurrency markets was being prepared for some time in Russia – and is officially scheduled to happen by summer 2018. As revealed in the report issued by the Russian parliament, the president Vladimir Putin has set a deadline (July 1st) for any relevant cryptocurrency legislation that needs to be adopted in the country.

In the report, we can see two main draft laws, both of which centred on blockchain technology. The Ministry of Finance in Russia has already put the spotlight on some legal guidelines for the issuance of initial coin offerings (ICOs). However, the country’s central bank has already been preparing a separate draft law on crowdfunding.

What does all of this mean?

Well, the two main authorities in Russia are set to agree upon the main regulatory moves for cryptocurrency markets. When it comes to cryptocurrency exchanges (operating in the country), the regulations will probably be altered – as the central bank is not keen on any retail traders and investors participating in this form of trading.

The State Duma Committee for Financial Markets chairman Anatoly Aksakov has explained the entire situation and pointed to the lack of consensus by stating:

“The central bank is against the legalization of this type of digital currency since in this case, citizens can start actively investing in crypto-tools, not taking into account possible risks.”

According to some, the Russian Parliament this month will aim to establish governance rules that are surrounding cryptocurrency mining. Aksakov stressed that both of these bills will be submitted to the chamber this month.