Crypto regulation in Russia forecast to be in place by end-2023

With government backing, the State Duma of the Russian Federation will approve the legislative regulation of the cryptocurrency market by the end of 2023. This was stated by Andrey Lugovoy, deputy chairman of the State Duma committee on security and anti-corruption, at an RBC conference.

According to him, the legal framework around cryptocurrencies emerged with the adoption of the law ‘On Digital Financial Assets’.

“Based on my own procedural experience, if the government backs the Duma’s legislative initiatives, they will be adopted within a year to a year and a half,” Lugovoy said.

An important step for the development of the market will be the adoption of the bill ‘On Amendments to the Tax Code’.

“When the procedure for declaring cryptocurrencies is determined, a defined procedure will be created and refined in practice; consider this the regulation of the crypto market,” the deputy believes.

He noted that he expects the bill to be adopted by the end of the current spring session of the State Duma.

Earlier, Andrey Lugovoy noted that the stance of ‘take and ban everything’ is held exclusively by the central bank. According to him, the regulator also blocks amendments to the tax bill, which is why it has not been possible to adopt it in the second reading for almost a year.

As noted last week, the central bank proposed a ban on the circulation and mining of cryptocurrencies on Russian territory. Discussion of the initiative will continue until March 2022. Alongside this, within six months the government will develop additional regulation of the industry, taking into account the regulator-listed risks.

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