- Libra to be treated like other cryptocurrencies in Russia
- Russian parliament plans to adopt the Bill on Digital Finance (DFA)
- Russia still doesn’t have a legal framework to regulate cryptocurrency
On July 1st, Russia’s Deputy Finance Minister, Alexey Mosieev, issued a statement saying that Russia won’t be introducing regulations to curb Facebook’s new cryptocurrency Libra, which is expected to be unveiled in 2020. Mosieev stated to journalists that Libra will be given the benefits other cryptocurrencies are receiving, according to Interfax, a Russian news agency.
DFA to create Crypto Adoption Plan for Russia
The Deputy Finance Minister said that he is expectant that the bill on Digital Financial Assets (DFA) will be taken up by the Russian parliament, the State Duma, in the second reading, “within two weeks”.
On the same day, Moiseev commented on the DFA bill saying that they had a meeting last week held by Anton Germanovich (Siluanov, First Deputy Prime Minister; Minister of Finance) and Vice-Premier, Akimov, of the Central Bank to discuss the bill:
“We, law enforcement agencies attended. In general, we have agreed, now the final text, everyone is watching it … All decisions have been made there, now we are looking at the text, and within two weeks, I hope, we will come out for adoption in the second reading.”
Russian regulators stress the importance of taxing crypto
Moiseev noted that the issue of taxation of activities relating to cryptocurrency was never discussed at the meeting but added that since it is “an ordinary human activity,” it should be regulated like all other human activities.
On June 21, the same Russian publication denoted that the State Duma had hopes of adopting the DFA bill in the first reading on 22 May 2018, where the head of the Duma Financial Market Committee, Anataoly Aksakov, said, “according to FATF recommendations, Russia should adopt a bill on the circulation of cryptocurrency before the end of 2019.”
Moiseev also commented on Initial Coin Offerings (ICOs) in today’s press conference saying:
“A large number of businesses ask when it will finally be possible to legally conduct an ICO transparently, this will definitely be regulated, permitted, and that’s all.”
Meanwhile, another report echoed that ICOs will be dealt with by a separate bill on crowdfunding when looking for alternative ways of attracting investment.
Libra will not be blocked from Russian market
Facebook recently made announcements on when and how it was going to release their cryptocurrency, Libra. On several occasions, it has firmly stated that Libra will be a “stablecoin” meaning that national currencies and assets secure it.
Crypto turnover is not legally regulated in Russia. However, the country is planning to adopt the law “on digital financial assets,” which will see it regulate cryptocurrencies.