Russian officials: cryptocurrency bill expected to pass this spring, will define digital assets

An official believes that the Russian State Duma (House of Commons) may pass a bill on digital financial assets at a spring meeting.

Although Russia has defined smart contracts in the recent Digital Rights Act, currently in Russia, related companies cannot legally tokenize assets.

However, this situation may soon improve as the country's lower house is about to vote on the definition of digital financial assets. Anatoly Aksakov, chairman of Russia's State Duma Financial Markets Committee, said the new bill could be passed this spring.

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He said at a press conference:

"We will pass this law at the spring meeting, and I have 99.9% confidence."

Aksakov said Russian companies need this law because they will be able to use blockchain to better sell their products abroad, especially raw materials.

Yury Brisov, a teacher at Moscow Digital School, pointed out that it is necessary to clarify the issue of cryptocurrency regulation, because without it, the law will be invalid. Brisov explained:

"Today in Russia, cryptocurrencies are not prohibited by law, which means that their circulation is legally possible. On the other hand, regulators, ministries and courts are more likely to form a trend towards prohibition. Therefore, the legal framework Is very necessary. "

He emphasized that relevant laws should make cryptocurrency regulation clearer, and time will tell parliament if this can be achieved.

Parliament passed a preliminary review of the bill in May 2018. In the initial version, the document introduced definitions of such assets, including cryptocurrencies and tokens. In addition, the concept of smart contracts is also introduced. The obligations of smart contracts are fulfilled through the blockchain.

Russian Prime Minister Medvedev asked the government to pass a final version of the bill by November 1, 2019. However, the bill has been dragged on repeatedly because of differences over the legalization of cryptocurrencies.

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