Dmitry Medvedev instructed to adopt a law on cryptocurrency until November 1

Prime Minister Dmitry Medvedev instructed the Ministry of Finance and the State Duma to pass a law regulating cryptoactive assets before November 1, 2019.

The Prime Minister set a new deadline for the adoption of the draft law “On digital financial assets” at a meeting with the Prime Minister. According to Dmitry Medvedev, regulation must be made no later than November 1 of this year.

As the Chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov, noted, the government will more actively resolve the remaining issues that prevented the adoption of the document during the spring session.

“Until November 1, we need to adopt and legally resolve this issue, and accordingly a more active conciliation procedure will be held now,” said Anatoly Aksakov.

Aksakov also added that almost all issues on the bill were resolved during the spring session and it remains to determine the status of cryptocurrency. At the moment, the government sees three possible options – to allow the circulation of cryptoactive assets, to prohibit work in the infrastructure with open blockchains, or to legalize cryptocurrencies by making the Central Bank a supervisory authority.

Recall earlier it was assumed that the law will be adopted before the end of July. However, in the middle of last month, Aksakov expressed concern that the adoption of the bill could be postponed until the autumn. This information was commented on by the Deputy Minister of Finance of Russia Alexey Moiseyev, who confirmed in the second half of July that the draft law on regulation of cryptocurrencies was “stuck” in the State Duma due to disagreements on the issue of the legal status of using cryptocurrencies.