The Russian parliament, the State Duma, will adopt it’s cryptocurrency legislation bill “On (DFA) Digital Financial Assets” in the next two weeks, according to the deputy finance minister. The confirmation was given on June 19 by the news agency TASS which is backed by the Russian government.

Alexei Moiseev, the deputy finance minister of Russia, stated that ‘State Duma’, the lower house of the Federal Assembly of Russia is presently discussing the ‘Digital Financial Assets’ bill, and is likely to approve the bill by the second round of discussion which would be within the next two weeks.

Moiseev also added that the Russian authorities have approved a separate legislation for the initial coin offerings (ICOs), which will most likely become a part of the crowdfunding law in Russia. Moiseev said the ICO related legislation is called the “On alternative ways of raising investment”, which he thinks will regulate the ICO market in a better sense as compared to the general crypto regulations.

In other words, Russia is expected to have two bills on cryptocurrencies and their functioning, the ‘Digital Financial Assets’ bill, and the crowdfunding law. Moiseev also stated that the ‘Digital Financial Assets’ bill is most likely to be approved in the second reading version which has been prepared for the next round of discussion.

In case these bills are adopted, Russia’s cryptocurrency regulations will come in consonance with the orders of Vladimir Putin’s order, which indicated that the state must enforce regulations for the cryptocurrency industry by 1st July 2019.

TASS recently reported that Russia has been postponing the approval and adoption of the cryptocurrency legislations because of certain requirements from the Financial Action Task Force.

According to the Russian Minister, the State Duma hasn’t yet discussed the introduction of cryptocurrency taxation, thus the crypto traders can still rest easy for few of the coming weeks as the government seems to be testing the latest law first and then will add the taxation related regulations.

What are your opinions about the Russian government’s decision to regulate cryptos? Let us know in the comments below.