Eastern European nations have been following closely regulatory developments in the West to better understand where the wind is blowing before addressing the challenges presented by cryptocurrencies. This strategy has proved fruitless, however, as developed western countries, and international organizations, have not been able to come up with a unified approach towards regulating the crypto space. The weightlessness goes on.
Also read: US Ranked Top Destination for Coin Offerings, Majority of ICOs Identified as Scams
Russia Postpones Crypto Regulation
The adoption of the legislation meant to regulate the crypto industry in Russia has been delayed, despite President Putin’s July deadline for the legal framework. In the past weeks, Russian outlets have quoted officials expressing concerns that the draft laws introduced in the State Duma in March won’t be approved during the spring session. The three bills adopted on first reading in May were expected to pass a second vote before the parliament’s summer break.
According to Elina Sidorenko, head of the interdepartmental group assessing the risks associated with cryptocurrencies, the laws will be finalized after the Financial Action Task Force on Money Laundering (FATF) develops its standards in the field, as news.Bitcoin.com reported. The news that the legislation will be postponed until the fall was confirmed by the chairman of the parliamentary Financial Market Committee, Anatoly Aksakov, who was quoted by RIA Novosti saying:
We don’t have time during the spring session […]. The technology is rather complicated, it is largely transboundary. So, taking into account its characteristics, we wouldn’t like to write down norms that wouldn’t work. The documents will be ready by early fall. We expect the second and third reading in September.
“All this is just new for us
