Russian Companies Secretly Use Cryptocurrencies As Transaction Devices

Russia has a crypto adoption bill. (Photo; Doc. Xitheon)

JAKARTA The Russian government through the State Duma assembly plans to approve a bill related to crypto adoption before 30 July. This was conveyed by the chairman of the Parliament's Financial Market Committee, Anatoly Aksakov.

The law will regulate crypto mining, digital asset tax, responsibility for illegal ownership, as well as cross-border crypto payments, according to an Interfax report. The State Duma is currently working on the bill carefully.

On the other hand, Aksakov stated that in Russia there are already several leading companies that are actively using cryptocurrencies for foreign transactions. At the same time, these companies want to see legal frameworks related to transactions using cryptocurrencies.

"Now we have come to the point where the four bills are in the practical adoption stage... It is possible that we will adopt all laws in the spring session," said Anatoly Aksakov at St. Peterseburg International Law Forum, reported by Bitcoin.com News.

Responding to the "Regarding Digital Financial Assets" (DFA) law in effect since January 2021, Russia's state Duma member, Anatoly Aksakov, said authorities would consider market participants' views on tax regulations.

Although the law includes only a few crypto-related activities, such as traditional tokens or utility tokens. At the same time, authorities want to take into account the norms applicable to DFA in regulating transactions with decentralized cryptocurrencies such as bitcoins that have not been comprehensively regulated in Russia.

This move was taken by Russian authorities who are trying to step up their efforts to deal with Western sanctions due to the Moscow invasion of Ukraine.