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Regulation

Russian Crypto Bill Draft Returned To First Reading Stage For ‘’Significant Changes’’

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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.

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