[vc_row][vc_column][vc_paragraph text=”State Duma has almost done working on the first project of the new cryptocurrency regulation but the COVID-19 pandemic has messed it up, and the project’s consideration has been delayed.”][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”The small windows of crypto legislation have been opened” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Anatoliy Aksakov, the Chairman of the State Duma’s Committee on financial markets announced this in his interview noting that all sides’ opinions agreed upon the project and reached consensus.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The adoption of the law has been delayed because of the coronavirus. If not for that, it would have already begun and the law could have been adopted in April.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The official hopes that the endorsement process will be finished by summer, especially since the government is interested in this matter.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The legislation defines cryptos as financial assets but it prohibits to use them as a mean of payment. The new law will regulate its emission and distribution.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Nevertheless, the absence of the legislative foundation does not hamper the development of crypto space. Still it is obvious that the government no longer wants to stay aside.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The new legislation will not affect mining since it is considered to be a production of some valuable asset. Such assets will just follow some rules such as tax regulations.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”From this perspective, nothing new but just an application of the existing laws.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”What’s more, Aksakov supposes that once the legislation comes into force, the currently operating Russian exchanges will also be regulated but the improvements will not affect their work.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”As for digital rouble, it already exists as an asset but it is not based on blockchain: the blockchain crypto-rouble version may appear over time.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”So, the picture is not rather clear but we will have to wait before drawing some conclusions. On one hand, it looks like the government aims to impose some deterrent measures to prevent integration of cryptocurrencies, and on the other, some of them may help the country to develop in this field. Both of the approaches seem to contradict, so… We’ll see what happens.”][/vc_column][/vc_row]
