Russian Lawmakers Adopted a Bill on Digital Financial Assets

The topic of crypto regulations in the Russia Federation slowly but steadily is coming to an end. The process was full of challenges. However, this week Russia’s legislative body passed a bill titled “On Digital Financial Assets” or DFA in its final third reading. It is worth noting that Russia passed a major bill related to cryptocurrencies.

Notably, Russian authorities finally made the decision to provide legal status to cryptocurrencies. Interestingly, following this decision, DFA is expected to be officially adopted in Russia on Jan 1, 2021.

People should take into account that, a bill related to cryptocurrencies provides a legal definition of digital assets. Furthermore, it provides the legal status for cryptocurrency trading in the world’s largest country. Importantly, the “On Digital Financial Assets” bill prohibits the use of cryptocurrencies like Bitcoin as a payment method.

Russian lawmakers and a bill On Digital Currency

The bill stated above provides the foundation for the country’s cryptocurrency legislation. However, this is not the end of the story, as the regulation of the industry will mainly be a part of a different bill. Interestingly, the bill titled “On Digital Currency”, or DA, will play the most important role.

Moreover, the State Duma expects to pass the “On Digital Currency” bill during the autumn session. As a reminder, the autumn session ends in late December.

Nevertheless, there are certain challenges as well. According to some industry players, no one should treat the latest DFA bill should an actual green light to go crypto. They believe that the DFA bill should be regarded as a glossary to crypto.

This makes sense, as the “On Digital Currency” bill is more important than the one Russia’s legislative body adopted on July 22. As a result, the fate of cryptocurrencies in the Russia Federation depends on the bill the State Duma expects to pass during the autumn session.