The man charged with putting together a legal framework for Russia’s cryptocurrency and blockchain technology industry has insisted that legislation will be in place before the year’s end, and has hinted that Russian companies are keen to begin blockchain and cryptocurrency operations.
In an interview with media outlet Finversia, Anatoly Aksakov, the head of the Russian Duma’s digital economy commission, spoke in detail about Russia’s forthcoming crypto legislation.
The country is still waiting for crypto regulations that have been blocked indefinitely since 2018 by a long impasse between pro-crypto lobbyists, the nation’s Finance Ministry and the crypto-skeptic central bank.
Aksakov said,
“Large Russian businesses are ready to use blockchain for economic operations, so it is necessary to create a legal framework.”
He added that “the interests of businesses” would “play a decisive role” when drafting legislation.
The committee chief stated,
“Companies have said that they need this law and that they intend to actively use it. This gives me confidence that this year we will definitely adopt it.”
Despite finding himself very much in the middle of the struggle between regulators and crypto-keen business interests, Aksakov appeared to rule out any lingering fears of a China-style crypto crackdown.
