Russia has long been home to a vibrant crypto retail market, yet the nation’s regulation of digital assets still lags behind. As a spate of stakeholders and disparate regulatory authorities struggles to figure out a coherent policy framework within a bureaucratic system, much of the cryptocurrency industry remains outside the realm of regulated economic activity — to the chagrin of many entrepreneurs.
The central piece of crypto legislation — a bill called “On Digital Financial Assets” (DFA) — progressed through its first round of debate in Russia’s legislature in May 2018, but has remained in the works ever since, stranding the local crypto industry in legal limbo.
Past few weeks saw a spike in regulators’ activity, triggered by the leak of proposed amendments to the bill that revealed a sharp prohibitive turn. Could this be an unpleasant endpoint in the authorities’ regulatory thinking, or is it merely another twist on the rocky road to a uniform approach to cryptocurrencies..?
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