Finally, Russian lawmakers have passed a crypto bill that legalizes the status of crypto. However, it still cannot be used as a payment method.
Russia’s legislative body, The State Duma has passed the bill “On Digital Financial Assets” on the final third reading. After creating the bill back in 2018, the authorities have finally agreed to make cryptocurrency legalized. This is in preparation to adopt in the major part of legislation for the industry.
To follow up on the Duma’s decision on the bill, it is expected that digital assets are going to be adopted officially in the country on the 1st of January 2021. The bill provides the legalization of digital assets and the legitimization of crypto trading in Russia. The bill still prohibits the use of cryptocurrencies as a payment method.
The regulation of the industry may be discussed on a separate bill. The current bill will be the framework for crypt. The bill is expected to pass in late December. EXMO’s Head of Business Development, Maria Stankevich said that the bill should be regarded as a glossary for crypto.
The said bill is also expected to allow local firms to issue stablecoins (often pegged to fiat currencies) as per Anatoly Aksakov, a member of the State Duma. Russians will be able to launch coins and exchange for other assets including digital assets that are issued abroad.
Russia’s central bank will act as the industry’s major regulator. They’ll be authorized officially to oversee the activity regarding the issuance of digital currencies across Russia. The Bank of Russia will also impose some requirements on the crypto issuer and cryptocurrency exchanges. Framework on what type of digital currencies and it’s purchases will also be provided by the bank.