Sunday, April 2, 2023

Approval of Crypto Regulation Bill Finds Trouble; Announces Aksakov

  • Anatoly Aksakov announced the major reason for the delay in the bill on crypto regulations in Russia.
  • The reason cited was the concerns over the possibilities of the bill facilitating capital flight.
  • He assured that soon the bill would be approved if he is able to convince the critics.

Anatoly Aksakov, the Chairman of the Financial Market Committee of the State Duma and the Chairman of the Council of the Association of Banks of Russia, announced that the cryptocurrency mining regulation bill is delayed regarding the concerns that it could serve as a conduit for capital flight.

Previously, on November 17, a new bill was introduced into the State Duma to legalize crypto mining and sale in Russia. Based on the law, Aksakov said that the “passage of the law will bring this activity into the legal field, and make it possible to form a law enforcement practice on issues related to the issuance and circulation of digital currencies”.

On Friday, during the press conference in the Russian news agency, TASS, the attorney mentioned the main objective of delaying the bill:

I will not name the organizations that slowed down the movement of the bill. At the same time, according to the critics of the bill, it could create channels for capital flight from our country. Ostensibly, it will be the activity of buying cryptocurrency, but in fact, the main objective will be capital flight from our country. That risk probably exists. I’ll meet with these critics and say – let’s finalize it together.

However, it has been assured by Aksakov that despite the obstacles, the bill would be approved soon. He added that the process would be initiated in the next month itself- “the approval in the first reading”.

Further, he added that if he is able to convince the critics that their perspectives would be addressed during the next reading, the approval could be made as soon as possible.

In addition, he declared that the approval should have to be postponed if there is no compromise from the critics; “they have their own options”. However, he shared his strong beliefs that the critics could be convinced and bought into terms so that the bill could be approved soon.

  • Anatoly Aksakov announced the major reason for the delay in the bill on crypto regulations in Russia.
  • The reason cited was the concerns over the possibilities of the bill facilitating capital flight.
  • He assured that soon the bill would be approved if he is able to convince the critics.

Anatoly Aksakov, the Chairman of the Financial Market Committee of the State Duma and the Chairman of the Council of the Association of Banks of Russia, announced that the cryptocurrency mining regulation bill is delayed regarding the concerns that it could serve as a conduit for capital flight.

Previously, on November 17, a new bill was introduced into the State Duma to legalize crypto mining and sale in Russia. Based on the law, Aksakov said that the “passage of the law will bring this activity into the legal field, and make it possible to form a law enforcement practice on issues related to the issuance and circulation of digital currencies”.

On Friday, during the press conference in the Russian news agency, TASS, the attorney mentioned the main objective of delaying the bill:

I will not name the organizations that slowed down the movement of the bill. At the same time, according to the critics of the bill, it could create channels for capital flight from our country. Ostensibly, it will be the activity of buying cryptocurrency, but in fact, the main objective will be capital flight from our country. That risk probably exists. I’ll meet with these critics and say – let’s finalize it together.

However, it has been assured by Aksakov that despite the obstacles, the bill would be approved soon. He added that the process would be initiated in the next month itself- “the approval in the first reading”.

Further, he added that if he is able to convince the critics that their perspectives would be addressed during the next reading, the approval could be made as soon as possible.

In addition, he declared that the approval should have to be postponed if there is no compromise from the critics; “they have their own options”. However, he shared his strong beliefs that the critics could be convinced and bought into terms so that the bill could be approved soon.

 

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