Russia Backs Off the Cryptocurrency Regulation Rules

News and Analysis

According to Elina Sidorenko, the head of the Russian parliament’s interdepartmental working group on cryptocurrencies, the country’s Parliament isn’t going to review the bill on legalization of cryptocurrencies anytime soon.

Elina Sidorenko said that the state is not in need of any laws regulating cryptocurrency operations, despite at least two versions of the bill put on the table by her group.

Moreover, the existing working group on cryptocurrencies “doesn’t see any prospect for the cryptomarket” and “is afraid to scare the market off ” by pushing its regulatory attempts.

“The best thing for now is not to write the law altogether,” Sidorenko stated.

The group is going to “observe the cryptocurrency market” within next two or three months, she added.

The law introducing cryptocurrencies to Russia’s legal terrain entered the development phase this spring. It was set to avoid any provisions on taxation and regulation of ICO. The parliament was to review the bill this fall.

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