“The cryptocurrency regulation bill will be considered next week”

Anatoly Aksakov said that the bill on the regulation of cryptocurrencies is ready and will be considered on September 18 at a meeting with First Deputy Prime Minister Anton Siluanov.

The Chairman of the State Duma Committee on Financial Markets said that the draft law on digital financial assets is already ready. During the meeting on September 18, the last issue will be resolved, and then, within two weeks, a final decision will be made on the ban or legalization of cryptocurrencies in the country.

“That is, when making a decision in either direction, we can prescribe something that either legalizes the relevant institutions or prohibits them,” Aksakov said.

Initially, the bill proposed the introduction of a definition of cryptocurrencies, as well as the legislative consolidation of a smart contract – a new type of contract concluded in electronic form, obligations under which are fulfilled using digital financial technologies.

In August, Russian Prime Minister Dmitry Medvedev instructed the Ministry of Finance and the State Duma to adopt a law on the regulation of crypto assets by November 1, 2019. At the same time, the adoption of the bill has been repeatedly postponed; it has been considered for more than a year.

Previously, it was assumed that the bill would be adopted before the end of July, but Aksakov expressed concern that the deadlines might be delayed. Deputy Finance Minister of Russia Alexei Moiseev confirmed that the bill was “stuck” in the State Duma due to disagreements on the use of cryptocurrencies.