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Russia Passes New Digital Asset Bill, Provides Legal Status To Crypto

Russia has finally passed the digital asset bill providing a legal status to virtual currencies. However, the country does not permit it to be used as a way of payment.

According to a report published by a local news agency Regnum, Russia’s legislative body, the State Duma, has passed a bill dubbed “On Digital Financial Assets” in its concluding 3rd reading.

Subsequent to introducing the crypto bill back in 2018, Russian establishments have lastly decided to offer a legal status to digital currencies, preparing to espouse the key part of legislation for the sector.

Ensuing the latest verdict by authorities, the bill “On Digital Financial Assets,” is anticipated to be formally implemented in Russia on the first day of next year. The bill delivers a legal definition to virtual currencies and legalizes crypto trading in Russia. Nevertheless, the bill proscribes the use of crypto as a payment method.

Furthermore, the latest report checks the fact that a concrete regulatory framework for digital assets will be set out in the bill “On Digital Currency”. The Duma is planning to pass the bill during the autumn assembly, which concludes in late December, according to the report.

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