The adoption of major crypto currency law in Russia will be postponed again after facing multiple delays, now due to the coronavirus.
Anatoly Aksakov, chairman of the Russian State Duma Financial Markets Committee, says the country’s crypto law — the “On Digital Financial Assets” bill — is now finalized but will not be adopted until the end of Spring 2020.
Authorities Arguing for Crypto Law Since 2018
Aksakov has admitted that prior delays in the adoption of the bill have been caused by disagreement between local authorities on the new asset type, Russian news agency RBC reported. Aksakov, who is also chairman of the National Banking Council at Russia’s central bank, said the central bank opposed crypto legalization while the State Duma advocated some crypto initiatives.
However, the long-awaited law is being postponed for another reason now. As Russia shifts its focus to priority actions against the COVID-19 pandemic, all legislative processes have slowed down, Aksakov reportedly noted. The bill has seen a number of delays after first being introduced in January 2018.
Furthermore, Aksakov stressed that the new law would not hinder the operation of crypto exchanges in the event that they did not breach it. The official also stressed that “On Digital Financial Assets” bill will not include crypto-currency mining regulations. Aksakov, however, expressed confidence that crypto-mining profits should be taxed, noting that crypto-mining is a “type of business that produces value”.
Aksakov’s latest remarks about the new delay in adopting Russia’s upcoming crypto law follow Russia recording its largest one-day rise for the sixth day in a row in coronavirus cases. Moscow authorities have already ordered residents to self-isolate, as reported by Reuters, while the nationwide lockdown is considered.
It is worth mentioning that, the Russian Federation’s Ministry of Economic Development reportedly released a draft law on March 24, which would allow the testing of cryptocurrency and blockchain developments within a special regulatory sandbox.