All the nations are currently aware of the need for regulations in the crypto space. Those countries which are not ready with their regulatory frameworks are hastening their digital assets regulation process. Similarly, Russia is moving towards the legal clarity in the crypto asset’s economy.
In Russian parliament, the chairman of the upper house, Valentina Matvienko has called upon all the MPs to start working on the pending digital economy bills, quickly. A draft regarding crypto asset’s regulations is also part of these pending bills. Notably, the Russian parliament had received over 20 cryptocurrency related bills, which are expected to pass in this year. Looking at the big number of bills in the pipeline, Matvienko wants the members of the parliament to expedite.
Matvienko holds a significant experience of managing the Federation Council for about 8 years now, since 2011. She has also discussed with many organizations in the country like the Upper House Committee for Economic Policy and Russia’s Ministry of Digital Development, Communications and Mass Media. She talked to these institute’s officials as she intends to figure out the reason behind such long delay for the digital economy bills.
Regarding this, Valentina Matvienko expressed at a meeting, “I’ll ask you to find out why for almost a year almost without a movement in the State Duma there are legislative initiatives of senators on the use of digital technologies in the financial sector. It’s necessary to find out what hinders their adoption. If they are of poor quality, tell us, we will refine them.”
All of these pending bills for cryptocurrency are crucial for the enhancement of the Russian economy. The bill would play an important role in the regulations of crypto assets. In such case, the delay about the bills seems strange. Matvienko also said with concern that Russia has an enormous wealth of resources for a digital breakthrough, but it is not being implemented, due to delays with the legal framework. With that, she emphasized while calling on the Ministry of Economic Development to prepare a roadmap for developing initiatives in this space.