Cryptocurrency And ICO Laws Submitted To Russian Legislature

March 22, 2018

Two bills relating to cryptocurrencies and ICOs have been submitted to the lower house of Russia’s legislature, the State Duma. The development comes after the country’s Ministry of Finance and central bank reportedly reached a consensus on the topic of whether digital asset trading should be allowed in general, or only in the context of ICOs.

  • A group of officials, led by State Duma’s Financial Markets Committee chairman Anatoly Aksakov, submitted two cryptocurrency-related bills to Russia’s legislature on March 20. The titles of the bills are “On Digital Financial Assets” and “On Alternative Ways of Crowdfunding”.

    The finance ministry had published an earlier draft of the latter bill on its website in January 2018, and noted that the central bank took exception to a provision that would allow decentralized cryptocurrencies to be traded on exchanges for other digital assets as well as for fiat money. The bank apparently contended that such swaps should only be permitted in the case of investors buying into ICOs.

    At the time, the ministry had argued that by placing such narrow limits on legitimate cryptocurrency trading, the government would effectively be encouraging criminal organizations to use the technology.

    In recent comments to reporters, Deputy Finance Minister Alexei Moiseev revealed that the disagreement has been smoothed over, according to an article from the state-operated news agency RIA Novosti. He said that he would leave it to the central bank to tell the public what kind of resolution had been reached. Though ETHNews has been unable to locate a statement by the bank on the matter, the fact that the law was submitted to the State Duma seemingly supports Moiseev’s claim.

    Most of the differences between the two versions of the ICO bill appear to be minor, and the submitted version still allows for the trade of cryptocurrencies through exchanges. Both versions call for exchange operators to register with the central bank.

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