According to Deputy Anatoly Aksakov, the relevant departments are leaning towards a decision to tighten controls on digital assets and mining

Russia’s State Duma allowed the possibility of draft law on crypto regulation to be submitted in the fall of 2022

16.06.2022 - 08:10

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2 min

What’s new? In September 2022, a draft law on the regulation of cryptocurrencies may be submitted to the State Duma of the Russian Federation, while a draft law on mining will be submitted for consideration soon. This was announced by Anatoly Aksakov, Chairman of the Committee on Financial Markets of the State Duma. According to him, the relevant departments are leaning toward imposing stricter regulations regarding the digital assets market, Izvestia reports.

News on the Izvestia website

What else did the deputy say? Aksakov admitted that the Government and the Bank of Russia may submit the new draft law on cryptocurrency mining. In his view, the document previously submitted by the deputies from the New People party is of a framework nature. Meanwhile, Central Bank Governor Elvira Nabiullina noted that jointly with the Cabinet of Ministers, the regulator was preparing a systemic solution on the issues of mining.

Speaking about the draft law on measures to control the crypto market, Aksakov noted that a compromise solution between all departments may be the implementation of strict regulation. He explained that the position of the Ministry of Finance, which developed the draft law “On Digital Currency,” regarding the legalization of the circulation of altcoins is also getting tougher. In addition, the Bank of Russia is of the opinion that cryptocurrencies have no future and are controlled by the intelligence services of Western countries.

Earlier, the State Duma passed in the first reading a bill that introduces changes to the sphere of regulation of the circulation of digital financial assets (DFAs), including an explicit ban on payments for goods and services with them. The document was prepared by Anatoly Aksakov to prevent the use of digital assets as a means of payment.

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