Home News Russian State Duma calls for speeding up cryptocurrency-related legislative drafting

Russian State Duma calls for speeding up cryptocurrency-related legislative drafting

The State Duma has to hasten the drafting of legislative regulatory basis for cryptocurrency circulation, that would envisage the full set of protective measures against cyber criminals, as stated by Natalia Kostenko, the Deputy Chairman of the State Duma Committee for Control and Regulation.

The parliamentary has earlier addressed the General Procurator’s Office, the Bank of Russia and the Federal Service for Supervision of Consumer Rights Protection and Human Well-Being with the request for checking the legality of Russian cryptocurrency mining websites.

The Central Bank of Russia responded that it “lacks the mandates for blocking such websites”, whereas there are no legal restrictions preventing the circulation of cryptocurrencies in Russia as well, as reported by the Deputy’s press-office. The Federal Service for Supervision of Consumer Rights Protection and Human Well-Being responded in a similar way, whereas the General Prosecutor’s Office is yet to express its position on the matter.

“The position voiced by the Central Bank of Russia and the Federal Service for Supervision of Consumer Rights Protection and Human Well-Being concerning the lack of the legal basis for shutting down cryptocurrency trading websites proves the relevance of the issue concerning the need for speedy adoption of a draft law regulating the procedure of cryptocurrency circulation and clearly defining its legal status in Russia,” – Kostenko stated, while urging the regulator not to stay away from this issue.

According to Kostenko, the regulator should turn to this issue, thus safeguarding people from falling victims to “financial pyramids” and related fraudulent practices.

“The current legislative framework proves to be sufficient for the detection of such fraudulent schemes aimed at deceiving the consumers of financial services. The fiscal authorities should respond in a timely manner to such violations in order to avoid massive hoaxes and prosecute suspicious companies offering to invest in cryptocurrencies,” – she explained.

Not only should the draft law on digital assets apply to investors and entrepreneurs, but to general public as well, the latter now being the primary cryptocurrency user, the politician believes.

“The legislation on digital assets should define requirements and restrictions applicable to advertisements of “how to make money out of cryptocurrency” types, some of them envisaging the possibility of pre-trial blocking of websites containing misleading information and bearing other signs of fraudulent activities. The said provisions will allow for prompt pre-trial suppression of illegal cryptocurrency circulation, thus safeguarding our people’ savings,” – the MP concluded.

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