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Russia’s Crypto Regulation Bill Set for August Passage Amid US Sanctions

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The bill is expected to pass in August

Russian authorities are preparing to reintroduce a bill to regulate cryptocurrency mining that failed to be adopted in 2022. Due to U.S. sanctions, Russian authorities are paying attention to cryptocurrencies, which have a strong point in cross-border transactions.

According to the industry, on the 15th, the Russian Central Bank, Ministry of Finance, and Federal Service for Financial Monitoring are preparing to propose a cryptocurrency regulation bill. These institutions plan to submit the bill to the State Duma, the Russian lower house of the Federal Assembly, within the next few weeks.

While the exact details of the bill are unclear, it is fundamentally aimed at bringing the entire cryptocurrency industry within the legal framework and regulating it. As such, if the bill is passed, it will legalize industries such as cryptocurrency mining.

This is not the first time Russian authorities have attempted to pass a package of cryptocurrency-related bills. A cryptocurrency-related bill was introduced to the State Duma in November 2022, but its processing failed.

However, introducing the 12th sanctions package against Russia last December made cross-border payments more difficult, and interest in cryptocurrencies has increased, prompting a renewed push to legalize cryptocurrencies.

Positive reactions are coming from the Russian cryptocurrency industry regarding the reintroduction of the regulation bill. The Russian cryptocurrency industry expects that if the regulation bill is passed this time, a considerable amount of financial capital will flow into the cryptocurrency market.

theguru
content@viewusglobal.com

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