According to recent reports, Russia is yet postponing the adoption of another bill. This time it concerns the country’s biggest crypto bill in regards to Digital Financial assets (DFA).
Just a few months ago, the Russian government also suspended the adoption of crypto legislation as advised by the Financial Task Force on Money Laundering (FATF). Furthermore, the Intergovernmental organization had ordered Russian Lawmakers to broaden the terminology of the federal bill on the regulation of crypto assets.
As of now, all parties of the Russian financial committee have yet to reach common ground on to which scope the bill should focus.
The law on the DFA is set to decide whether we will prohibit cryptocurrencies as a medium of exchange in Russian legislation, meaning that there will be no exchange points nor exchanges that work with cryptocurrencies. We have not yet reached consensus on the issue. We need to define what cryptocurrency is at the legislative level. Then there is a fork in the road: we either prohibit organizing infrastructure for the purchase and sale of cryptocurrencies in Russia or allow it.” argued Anatoly Aksakov, head of the State Duma Committee on the Financial Market
The initial adoption period was set to take place before the end of July, however, it has been recently postponed to the autumn session by the Duma (lower house of the Federal Assembly of Russia).
The law on the Central Federal Agency should decide whether we will prohibit cryptocurrencies as an exchange tool in Russian legislation. That is, there will be no exchange points, stock exchanges that will work with cryptocurrencies.
Despite this minor setback, all Russians representatives have commonly agreed on the introduction of a bill in regards to crowdfunding explained Anatoly Aksakov as per Russian news outlet TASS.
Additionally, Russian authorities have also recently approved legislation concerning Initial Coin Offerings as part of the bigger crowdfunding law.
Also undergoing heavy scrutiny is social media giant Facebook and its newly revealed cryptocurrency Libra. The development of the emerging digital asset has been halted by the United States Houses of Representatives.
In an open letter, the House’s Committee on Financial Services called for founder and Ceo Mark Zuckerberg to stop any implementation of the technology.
…it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action. During this moratorium, we intend to hold public hearings on the risks and benefits of concurrency-based activities and explore legislative solutions.