Dmitry Medvedev instructed to adopt a law on cryptocurrencies by November 1

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Russian Prime Minister Dmitry Medvedev instructed the Ministry of Finance and the State Duma to adopt a law on the regulation of crypto assets by November 1, 2019.

The Prime Minister set a new deadline for the adoption of the draft law “On Digital Financial Assets” at a meeting with the Prime Minister. According to Dmitry Medvedev, the regulation should be adopted no later than November 1 of this year.

As the chairman of the State Duma Committee on the Financial Market Anatoly Aksakov noted, the government will more actively resolve the remaining issues that prevented the adoption of the document during the spring session.

“By November 1, we need to adopt and legally regulate this issue, accordingly, a more active conciliation procedure will be conducted now,” Anatoly Aksakov said.

Aksakov also added that almost all issues on the bill were resolved during the spring session and it remains to determine the status of cryptocurrencies. At the moment, the government sees three possible options – to allow the turnover of crypto assets, to prohibit work in the infrastructure with open blockchains, or to legalize cryptocurrencies by making the Central Bank a supervisory authority.

Earlier, it was assumed that the law would be adopted by the end of July. However, in the middle of last month, Aksakov expressed fears that the adoption of the bill could be postponed until the autumn. This information was also commented on by the Deputy Minister of Finance of Russia Alexey Moiseev, who in the second half of July confirmed that the bill on the regulation of cryptocurrencies was “stuck” in the State Duma due to disagreements on the legal status of the use of cryptocurrencies