Russian authorities are planning to pass new legislation that effectively legalizes the crypto-markets by July 2018.
As revealed in a report of the official publication of the Russian parliament on March 1, Russian President Vladimir Putin has set a deadline for July 1 for relevant cryptographic legislation to be adopted in the country.
The report points specifically to two blockchain technology-centric bills that have been developed so far. Russia's Finance Ministry has highlighted legal guidelines for issuing initial currency offerings (ICOs), while the country's central bank has drafted a separate bill on crowdfunding.
The report suggests that the two authorities agreed on key crypto-currency regulatory moves, except for a major contradiction when it comes to exchanges of crypto-coins operating in the country. In essence, the central bank is not interested in retail traders and investors who participate in the trading of crypto-coins.
Further detailing the lack of consensus, the chairman of the Duma Committee for Financial Markets, Anatoly Aksakov, explained:
"The central bank is against the legalization of this type of digital currency, since, in this case, citizens can start to actively invest in crypto coins, not taking into account possible risks."
A separate law on digital assets - to be submitted to the Russian Parliament this month - will aim to establish rules of governance around cryptographic mining. Individual entrepreneurs will be allowed to enter into mining banks set up by legally recognized entities and "carry out activities to extract crypto-coins that do not meet the criteria of industrial mining," said Alexei Mostovshchikov, chairman of the Council of Experts of the Youth Parliament under the Russian Duma .
Aksakov also stressed that both the central bank and the Ministry of Finance accounts will be submitted to the chamber this month.
Source: https://en.wikipedia.org