Yahoo Finance Putin Signs Russian Crypto Bill Into Law
Russian President Vladimir Putin signed the first of two bills on digital assets into law on Friday, according to Russian media.
The bill, approved by the country’s parliament last week, says companies can issue digital securities on a blockchain if they are properly registered with the Bank of Russia as issuers and satisfy certain criteria.
Decentralized cryptocurrencies are considered a type of property, which should be reported for tax purposes and cannot be used to pay for goods and services.
A more detailed law regulating crypto-related businesses is expected to be passed later this year, although no timeline has been disclosed.
The previous version of that bill, which has been introduced to the Russian parliament, would make it illegal to issue and trade crypto on Russia-based infrastructure.
The draft generally reflected the skeptical stance of the country’s central bank.
It provoked an outcry from the crypto community and criticism from both Russia’s Ministry of Justice and Ministry of Economic Development.
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