Russian federal assembly defers crypto bill reading to unspecified date

25 Mar, 2019 | Updated: 25 Mar, 2019
by Fifi Arisandi
Russian federal assembly defers crypto bill reading to unspecified date

The Russian lower house of the Federal Assembly deferred the reading of crypto regulation bill, rescheduling it to an unspecified date. 

The Russian government showed their extra careful and cautious approach towards cryptocurrency, despite the instruction from the president, Vladimir Putin to immediately create regulations concerning crypto adoption in the country.

Read more: Putin orders Russian government to create crypto regulation by July 2019

The lower house of the Federal Assembly of Russia, DUMA announced the deferment of the reading of crypto regulation bill just a couple of days ago.

Initially scheduled to take place at March 22nd, it is now put on an unspecified date in April.

The deferment was proposed by the head of the Duma’s Financial Market Committee, Anatoly Aksakov, without any explanations provided.

The bill itself has gone through crucial changes, to respond to DUMA requests that disallowed the terms “cryptocurrency”, “smart contract” and “token”.

According to CCN, the changes have made the bill “a much broader and non-specific document recognizing the existence of digital financial assets including digital intellectual property rights”, instead of creating a clear framework to regulate digital financial assets.

Moreover, it is also not the first time for such incident to happen. A legislation was actually passed around May last year, however, to accommodate terminology changes, the bill was sent back to the reading phase at the end of last year.

Will Russia ever make an official crypto regulation? Stick with Chepicap to find out.

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