Russian Ministry of Finance Launches Public Consultation on Crypto Law

 The Russian Ministry of Finance has officially given the go-ahead for the introduction of a new law regulating cryptocurrencies

The ministry has published two official notices on the government website, announcing that the development of a legal framework for trading, handling and issuance of digital currencies is imminent.

Accordingly, in the first notification called "Act for Digital Currencies" it is announced that a public consultation process will be started first, in which market participants, industry representatives and consumers can participate. The second notification will in turn initiate another consultation process related to any legislative changes that the new crypto law may necessitate.

The consultation processes for the planned crypto legislation are scheduled to be completed by March 18, 2022.

The corresponding draft law has not yet been presented. However, a spokesman for the Ministry of Finance points out that the draft will be made public within the next three weeks. “The public debate about the law takes place in several stages. We are currently still at the first stage by first informing the public about the start of development," the spokesman adds in this context.

Russia's Finance Minister Anton Siluanov expects the new crypto law to be passed by the end of 2022.

As the Russian media recently reported , the announcement of imminent crypto regulation was in sight so that government authorities and the central bank could finally come to an agreement on how to deal with the asset class.

The Ministry of Finance had previously put forward another draft to regulate the crypto market, which, however, provided few options for private small investors and wanted to set up a central authority for digital currencies.

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