Russian State Duma Quickly Approves 3 Bills Aimed at Regulating Cryptocurrencies

Russian State Duma Quickly Approves 3 Bills Aimed at Regulating Cryptocurrencies

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3 bills aimed at developing a set of regulations and providing clarity on the status of cryptocurrencies and ICO projects were presented before the Russian Parliament and each was quickly approved on the first reading.

The bills address the regulation of cryptocurrency assets, digital rights and crowdfunding. At this point, cryptocurrencies will be classified as property, instead of legal tinder. Furthermore, a framework establishing a pathway to registering ICO projects will be organized and proposals for categorizing cryptocurrency mining as an economic activity will be considered in the future.

2017 saw a record number of ICO projects launched, many of which turned out to either be poorly planned or get rich quick scams for the organizers. Therefore, it makes perfect sense that the Russian government would aggressively work towards the development of policies that provide legal clarification on the launching of ICOs, circulation of cryptocurrencies and protections provided to owners of cryptocurrency.

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