Cryptocurrencies got to the “gray area”

in Russia long time ago, and the legal status of such assets as BTC and ETH as well as of smart contracts, ICO and mining remains uncertain

Russian crypto space might see some progress

Nevertheless, the reviewed DFA project is now aimed at solving issues associated with classifying digital assets and defining requirements for blockchain transactions.

According to Aksakov, the proposed legislation that is to come into force on 1 January, 2021, may contribute to clarification of digital assets’ regulation as a part of Russian strategy for development of digital services space.

The good news for crypto industry appeared after the Russian Ministry of Economic Development had informed the parliament about its disagreement with the law on crypto prohibition, announcing that it would then make all transactions outside the country which would lead to large economic losses.

In its letter dated by 11th June, 2020, the ministry underlined the need to change the draft law on cryptos in order to define circulation of digital currencies in Russia.

As it goes from the letter, there should also be some guiding principles enabling companies make crypto deals.

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