Bitcoin News

It Might Be ‘too Early to Celebrate’ Russia’s New Crypto Law

Russia’s new crypto legislation was finally approved this week, after a delay of over two years – but it might be that the true battle for crypto regulation in the country is yet to begin.

A local expert has hinted that when policymakers decided to divide the “On Digital Assets” bill into two, they effectively ended up kicking the can further down the road.

A long impasse between the crypto-skeptic Central Bank and pro-industry forces saw State Duma policy chiefs create two new draft laws: “On Digital Assets” (approved on June 22) and “On Digital Currencies.”

The former passed its third and final reading at the Duma on Wednesday.

Speaking to Our, Maria Stankevich, head of development at the EXMO trading platform, stated,

However, although crypto’s fate is still very much in the balance there is still room for optimism, said industry players.

A much-decried previous (and unified version) of the bill shown to the Duma earlier this summer suggested something akin to a China-style crypto crackdown. Although this won the support of the Central Bank, pro-industry voices, including many within the government were appalled by it. And that, suggested Stankevich, could be a sign that there are folks in high places ready to fight the good fight for crypto’s cause.

She concluded,

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