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Lower Chamber Of The Parliament Of Russia To Discuss A Draft Bill On Crypto Regulations Soon.

The head of Committee on Financial Markets in an interview with a native news agency ‘TASS’, told that the State Duma, the lower chamber of the parliament of Russia, would be discussing a draft bill on crypto regulation in Jan. or Feb. this year.

Chairman Anatoly Aksakov aforesaid that a long-awaited bill on digital assets — a term employed by the Russian government to outline crypto-related technologies — is tied to initiatives on crowdfunding and investment platforms. The projects would be discussed along, presumably in Feb., he stated.

The timeline was set following an invitation from Vyacheslav Volodin, the chairman of the State Duma. On 9th Jan., while opening the parliament’s spring session, he urged lawmakers to focus on the digital economy bills, together with the one on cryptocurrencies. Volodin additionally planned the creation of working teams of consultants, entrepreneurs and researchers so as to hurry up the event of the new laws.

As previously reported, the Russian parliament passed the crypto bill within a presentation in May 2018. However, when being emended, the final version received criticism from members of the crypto business. The draft, that lacked definitions for core crypto ideas like ‘mining‘ and cryptocurrencies, was sent back to the primary reading stage.

The Russian Union of Industrialists and Entrepreneurs, that has mineral mining and smelting capitalist Vladimir Potanin and head of the Russian innovation fund Skolkovo Viktor Vekselberg among its members, has offered an alternate to the state draft bill on crypto. Even earlier in Nov., the group sent its proposals to the Russian prime minister, Dmitry Medvedev.

Russia is additionally considering developing a ‘blockchain cluster‘ in Crimea so as to draw in investors and circumvent the sanctions obligatory, when the peninsula became Russian territory. Chinese investors are reportedly fascinated by the project, but native officials are expecting crypto regulation to be accepted before a moving forward.

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