The State Duma, the lower house of the Russian parliament, is accelerating the second and third readings of the cryptocurrency bill and plans to independently introduce a cryptocurrency mining regulation bill. Anatoly Aksakov, chairman of the Financial Markets Committee, expects that the bills will be quickly reviewed by the Federation Council and signed by President Putin before they officially take effect on September 1 this year.
Aksakov stressed that despite initial concerns about the impact of cryptocurrency legalization on the market, its potential in circumventing Western sanctions cannot be ignored. The new legislation includes cryptocurrencies in the scope of foreign currency regulation, aiming to provide legal protection for the legal operation of enterprises and reduce their operational risks.
Digital asset analyst Ani Aslanyan pointed out that the urgency of the bill stems from the expectation that cryptocurrencies will promote cross-border capital flows, but also warned that the United States may strengthen monitoring and make evading sanctions a complex game.
It is worth noting that the new regulations may favor large exporters, forming an "elite circle" that small and medium-sized enterprises find difficult to participate in. Trading activities may be limited to entities that can mine on their own, and this type of + communication Junyang: 954737157 capabilities are currently mostly controlled by large Russian companies.
To ensure the health and regulation of the market, the Russian Central Bank will assume the main regulatory responsibilities, supplemented by the coordinated supervision of the Federal Financial Supervision Service, the Tax Service, the Security Service and the Property Management Bureau. Aksakov said that with the establishment of the regulatory framework, companies will be more confident in investing in the field of cryptocurrency.
