Russian Crypto Regulations To Be Adopted Early Next Year, Says Central Bank Official

Europe Regulations Russia

Crypto regulations are in “a fairly high degree of readiness” said Olga Skorobogatova, first deputy chairman of the Bank of Russia.

According to a local news agency TASS, Skorobogatova made her comments speaking to the State Duma.

“The law on digital financial assets, on crowdfunding, etc., all these bills are in a fairly high degree of readiness. Colleagues from the State Duma committees are very helpful, we expect that these laws can be passed during the spring session,” she said.

According to Skorobogatova, the new regulations would provide an opportunity for new projects to be implemented and “are extremely important for the country”.

Skorobogatova’s comments came a day after Anatoly Aksakov, Chairman of the State Duma Committee on Financial Market, revealed that the adoption of new crypto-regulations was impaired by the Financial Action Task Force’s Commission for Regulation of Cryptocurrencies requirements.

Speaking at the Russian Stock Market 2019 conference, Aksakov revealed that the new law on digital financial assets was delayed in response to FATF order to regulate important terms associated with the crypto sphere, such as cryptocurrency or Bitcoin, definitions of which were missing from the proposed bill.

The Financial Action Task Force (FATF) is an intergovernmental organization tasked with combating threats to the integrity of the international financial system. The organization’s recommendations on virtual assets regulation will be formally adopted as part of the FATF Standards in June 2019.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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