Russia has been taking its time putting together comprehensive crypto regulation, and it seems that they have finally completed. The Russian Duma decided to approve the first reading of crypto bills, and the country is now waiting two weeks for the amendments’ proposal before the bills are officially adopted.
The Duma, Russia’s Parliamentary lower house, has just decided to approve three legislative pieces, made with the goal of regulating the Russian part of the crypto sphere. The three bills are tackling issues relating to digital financial assets, using investment platforms for attracting investments, and digital rights.
The Russian Association of Cryptocurrencies and Blockchain has stated on Facebook that the members of the Duma voted almost unanimously, which is proof enough of how much this country was in favor of crypto regulations.
Not all cryptos will be seen as digital rights
The third and the final of the three bills, On Digital Rights relates to the civil law of Russia and carries provisions that the legislators can use to regulate the crypto market and provide conditions for making digital transactions. In it, digital coins are defined as digital rights, but only certain tokens will be recognized as such.
To achieve this title the tokens must have a significant economic meaning, so not every crypto will be recognized as a digital right and coins that are used for activities like online gaming will be excluded.
Finally, the law will ensure the protection of the tokens’ owners while creating proper taxes of all activities connected to the sale of these tokens.