According to a document published on the official website of the President of Russia ‘ Kremlin.ru’ on February 27, Vladimir Putin, the Russian President has set a new deadline ordering the government to embrace regulations for the digital asset industry.
The document also notes that Vladimir Putin has given instructions to the government asking them to implement crypto related regulations by July 1, 2019. The Russian President has prescribed the lower house of the Federal Assembly of Russia and the Council of Federation of Russia to make this adoption happen during the specified period.
The document published especially requires welcoming of federal legislation which primarily aims at developing the digital economy along with regulations of civil law digital settlement. The document also mentions that the law must also include a regulatory framework for digital financial assets and captivating better financial resources concerning digital technologies.
In the recent Pres instructions, Putin has reiterated his previous statement that he made in the year 2018 where he asked the government to formulate crypto regulations in order to trade Bitcoin (BTC) along with various other cryptocurrencies, ICOs (Initial coin offerings) and crypto mining by July 2018.
In the month of May 2018, the Russian Parliament approved crypto regulations in its first draft; however, eventually, all tokens and crypto related terms were generalized as ‘digital rights.’ According to recent reports by Russian financial outlet, Duma, a Russian state has intentions of reviewing and adopting new cryptocurrency regulations in the month of March.
Earlier, it was argued by the Russian Minister of Justice that the ministry does not see any necessity to legally document the concept of cryptocurrency as these digital currencies are not usable as a method of payment in the country.