Due to the requirement from the Financial Action Task Force (FATF) on money laundering, Russia postponed the adoption of crypto legislation, the news was reported by a local agency.
The major crypto bill of Russia, “On Digital Financial Assets” was passed by the parliament of Russia in May 2018 and was resent to the first reading stage after the reports which said that it lacks the major key concepts like cryptocurrencies, tokens and crypto mining. The State Duma Committee Chairman, Mr. Anatoly Aksakov on Financial Market, disclosed that the authorities in Russia delayed the second reading of the document because of the FATF order. Added to that, the lawmakers did attempt avoiding the terminology in the bill in accordance with the certain positions of the Central bank of Russia.
Aksakov even stated that Russia might include the necessary terminologies in DFA or would write the same in a separate draft law. In February, Vladimir Putin issued another deadline for the state in order to adopt the regulation of the digital assets by summer after making a similar order in 2018.
On the contrary, the Former Prime Minister of Russia, Dmitry Medvedev, and the Prime Minister argued that the crypto regulation isn’t the priority of the Russian Government as the cryptocurrencies have been losing their popularity.