Russia Reveals Bitcoin Regulations are Underway

The fact that Russian authorities have been working to develop some regulations related to bitcoin is widely known. However, now the Finance Minister of the country decided to officially confirm that bitcoin regulations will be implemented in the near future.

The Finance Minister, Anton Siluanov, decided to talk about upcoming bitcoin regulation during an interview with a state-owned television in Russia. Siluanov claimed that the upcoming law will be covering many aspects of the cryptocurrency market. The finance minister also revealed that the draft law has been prepared and will be submitted to approval.

Reportedly, the law will include aspects related to mining, taxation, but also guidelines for exchanges that deal with cryptocurrencies.

The law will regulate the main aspects of the market. The Finance Minister stated that it is also working on some amendments to Russian legislation related to the regulation of new financial technologies and digital payments.

The law regulating cryptocurrencies might be adopted in March

Without a doubt, the draft legislation is much different from what Russia initially showed regarding its position on bitcoin. Actually, the first stance of the Finance Ministry of Russia on bitcoin dates back to March 2016, when the authority stated that a seven-year prison sentence might be imposed on bitcoin users.

The change in perception was revealed in September this year, when the Finance Ministry called on the government to understand that cryptocurrencies are part of the world today and "are real." At that point Siluanov stated that it made no sense to ban cryptocurrencies, but actually it was mandatory to regulate them.

Previous reports indicated that most likely the new law will be forwarded to the Russian Parliament by the end of the year.

Allegedly, the law regulating bitcoin and the cryptocurrency market will be adopted in March. The process might be finished even sooner than that, some analysts claimed, as Russia has showed a lot of interest in establishing cryptocurrency laws.

Russia has previously shown interest in developing its own cryptocurrency, and the legal framework in which it will function is mandatory to be concluded before such a release.