Updated Bill Dismisses Sanctions for Use of Cryptospeak in Russia

Updated Bill Dismisses Sanctions for Use of Cryptospeak in Russia

 

A new version of Russia’s main draft law on the regulation of cryptomonies does not include codes for criminal offences, as Ethereum Code legislators are expected to hold a second reading of the bill tomorrow.

According to the official records of the State Duma, Russia’s legislative body, the Duma Committee on the Financial Market, proposed a second reading of the „Digital Financial Assets“ bill, or DFA, for July 21.

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In the Russian legislative system, each bill is subject to at least three readings as it moves from draft development to adoption. While the second reading is designed to summarize the amendments and proposals to the bill, the third reading is associated with the final adoption.

The State Duma decided not to include criminal codes in the bill
According to the draft bill published on 20th July the proposed legislation does not intend to introduce criminal liability, such as fines and prison sentences, for the illegal use of crypto coins in Russia.

Anatoly Aksakov, a member of the State Duma and himself a very important official behind the legislation, confirmed the news to the local news agency RIA Novosti. „This bill will not include liability,“ Aksakov said, noting that the Committee decided to abandon the idea of introducing the administrative and criminal offence codes into the bill.

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According to Aksakov, the DFA bill is likely to be passed in July 2020. He hopes that the same bill will be implemented as of January 1, 2021.

Another law could impose the responsibility

As previously reported, Russian politicians were considering significant sanctions for the illegal use of cryptosystems in May 2020. Officials suggested fines of up to almost USD 30,000, as well as seven-year prison sentences for violations such as the illegal use and issuance of cryptomonies. According to media reports, the proposals were part of the DFA bill.

However, the DFA will not be the only part of the upcoming legislation on cryptomonies in Russia, as there is also another bill called „On Digital Currency“ or DC. Aksakov explained that this bill is a separate document that would actually determine the regulation of cryptomonies, while the DFA bill only provides key industry terms such as the notion of „digital asset.

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According to Aksakov, the State Duma hopes to approve this other bill during the autumn session, which ends at the end of December.

The history of the development of legislation for cryptomonies in Russia has seen a series of delays in its progress since the beginning of 2018. First introduced in January 2018, the DFA bill has been delayed several times despite the fact that Russian President Vladimir Putin has ordered its adoption at least twice. Eventually, Aksakov admitted that the delays were due to disagreements over the new asset class among several of the local authorities.