The Russian draft bill ‘’On Digital Financial Assets’’ has been returned to the first reading stage for ‘’significant changes’’ according to our latest crypto news coming from Russia.
According to the Russian daily newspaper Kommersant, the chairman of the Duma State Pavel Krasheninnikov explained that the draft bill has no real connection to cryptocurrencies or tokens and that the lawyers noticed that the word construction is conflicted with the Russian legislation norms for corporations.
The draft bill is a part of the three projects that were designed originally to regulate crypto in the country. Part of the bill was replacing the crypto-related terminology with the term ‘’digital rights’’ which created a massive confusion between the term digital rights and digital financial assets. Also, back in October, the definition of crypto mining was removed from the bill.
Experts around the world believe that the legislation is a disappointment since all of the three bills were created independently. The head of research and development at law firm Infralex Olga Pleshanova explained that the lawyers think that the bill in this current form will push back the Russian economy back in the 1990s.
Back in October, a lobby group of the Russian Union of Industrialists and Entrepreneurs sent proposals for crypto regulation to the prime minister of the country Dmitry Medvedev where they asked for the bill hearing to be postponed until 2019 so the bill will be more favorable to the regulators but also to the entrepreneurs.
Russian State Duma To Review Crypto Regulation: Preparing For Oil-Backed Crypto
“Perhaps the oil-backed cryptocurrency will be the pioneering project that will create a reliable structure for the cryptographic market as a whole," he concluded.
Thailand Legislative Assembly Permits Issuing Of Tokenized Securities
Texas Regulator Reaches Agreement With Four Crypto Companies It Previously Accused
“The orders cited a total of 60 individuals and entities. None of the individuals or firms were registered to sell securities in Texas.”
US Regulators Decision On BTC ETF Will Set The Mood For The Crypto Market: KRX
“The US has been the front-runner on the cryptocurrency market and related derivatives, and there are strong voices supporting the launch of Bitcoin ETFs within the market — which is why we are observing the progress and response of the US SEC’s decision on Bitcoin ETFs.”He added that the KRX is considering the provision of a solid Bitcoin index as well which will be required for the launch of such ETFs. South Korea’s blockchain market has seen the launch of blockchain ETFs by investment banks because of the incredibly lower level of scrutiny they get from the national watchdog. A professor at Korea University’s Graduate School of Information Security Lee Kyang-ho argued that the health of the blockchain sector in the country could eventually create a path for crypto ETF integration by saying:
“With the government expanding its investment in research and development of blockchain technology, the projects are expected to minimize or eliminate the risk of integrating ETF transactions in the cryptocurrency market.”
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