Tuesday, June 6, 2023

The Russian government is planning to vote on four new bills that will change the rules about cryptocurrencies. Meanwhile, businesses in Russia are already using digital money for international transactions.

Russian Legislature to Vote on Crypto Laws by End of July

The Russian parliament has a lower house called the State Duma. The State Duma plans to vote and pass four laws related to cryptocurrency until the end of July. This information is from Anatoly Aksakov, who is in charge of the Financial Market Group in the Russian Parliament.

A person named Anatoly Aksakov has made bills that govern how to use cryptocurrency, like mining and payment transfers through border boundaries. These bills also include taxes for digital assets, and rules about what to do if people break the law by using them illegally. Overall, he thinks that these laws are a good set of solutions for this issue.

Aksakov said that some big Russian businesses have started using cryptocurrency in their international trades, but they still need clearer laws so it can be done legally. He spoke at the St. Petersburg International Legal Forum and added that four particular bills are close to being law – hopefully, they will all become legal by Spring.

Anatoly Aksakov said that the government wants to hear what people think of new tax rules, trying to keep them similar to something called DFAs. He said that the authorities will probably do their best to make the two things as much alike as they can.

Since 2021, a new law named “On Digital Financial Assets” (DFAs) regulates certain activities that involve digital assets, including tokenized traditional assets (like shares and bonds) and utility tokens.

Russia is thinking about regulating crypto transactions (like using bitcoin). This comes from the pressure of sanctions from other countries who don’t agree with Russia’s invasion of Ukraine.

Do you think they will do this by the end of July? Tell us what you think in the comment section below!


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