Russia Will Present a Bill to Regulate Cryptocurrencies Next Week

Russia is going to introduce a new cryptocurrency laws to national legislature for official consideration on December 28.

According to media sources RIA and TASS, Russia’s state financial markets committee lawmaker Anatoly Aksakov informed about creating rules on regulation of cryptocurrencies by early next year.

“I expect that the adoption of the draft law on will be in March… The problem is that we already have a lot of people who acquire and they are deceived, we need to give people the opportunity to work legally with it, to protect them as much as possible,” Aksakov was quoted as saying by RIA.

As Aksakov had previously told, Russia won’t finish the bill by the end of the year. In September, the senior lawmaker said he believed the work could be wrapped up before winter.  However, the move faced a series of delays, due to conflicting visions over the scope of the proposed laws.

Russian President Vladimir Putin ordered new regulations to be developed around cryptocurrencies and blockchain, including rules specifically aimed at initial coin offerings (ICOs). According to report, Aksakov mentioned Putin’s order about the work which is expected to perform over the coming weeks and months.

“We have a deadline designated by the president, and after a week there will be a presentation of the bill that will start to be debated,” he told reporters.