Russia to release cryptocurrency regulation bill next week

Russia’s national legislature is expected to officially publish new cryptocurrency laws on December 28, according to Anatoly Aksakov, chairman of the State Duma’s Financial Markets Committee.

Aksakov was quoted by Russian media outlets RIA and TASS as saying that the new law will officially regulate the creation and trading of cryptocurrencies such as Bitcoin and may come into effect early next year.

“I expect this draft bill on cryptocurrencies to be adopted in March next year… The problem is that there are already many people who hold cryptocurrencies and have been deceived, and we need to give them the opportunity to participate in it legally and protect them as much as possible,” Aksakov said.

This also confirms that Russia will not implement the bill before the end of this year. In September this year, the senior lawmaker said that the legal work could be completed before this winter.

It is reported that this was also an order issued personally by Russian President Vladimir Putin.

According to TASS, Aksakov cited President Putin’s instructions when discussing the regulation, telling reporters:

"The president gave us a deadline of one week before we publish the bill that will be adopted."