Russian authorities are planning to pass new legislation that would effectively legalize cryptocurrency markets by summer 2018.
On March 1st, a report by the Russian parliament’s official publication stated president Vladimir Putin has set a deadline on July 1 for relevant cryptocurrency legislation to be adopted in the country.
The report suggests that the central bank and the finance ministry have agreed upon the main regulatory moves on cryptocurrencies, except when it comes to cryptocurrency exchanges operating in the country. In essence, the central bank isn’t keen on retail traders and investors participating in cryptocurrency trading.
Additionally, a separate bill on digital assets will aim to establish governance rules surrounding cryptocurrency mining. According to Alexei Mostovshchikov, chair of the Expert Council of the Youth Parliament under the Russian Duma, both bills are expected to be submitted to Russian Parliament this month.
Write: Sara Bauer