Russian Draft Bill Lacks Core Crypto Terms After Recent Edits

Russian deputies have removed the definition of crypto mining from a draft bill on digital currency regulation ahead of its next reading in the State Duma, major local news agency Interfax reports Oct. 19.

If the law were to define crypto mining, it consequently would also need to define cryptocurrencies, Aksakov told Interfax.

It is not immediately clear whether definitions for tokens and Initial Coin Offerings, and rules for crypto exchanges - which were included in the initial draft - remain in the current version.

The present draft law will proceed to the second of three readings in the Duma.

The bill "On Digital Financial Assets" was first introduced in January by the Russian Ministry of Finance.

In March, a group of deputies headed by Aksakov proposed a modified version that established know your customer regulations for customer identity verification on crypto exchanges, echoing current requirements in the U.S. A draft of the bill was approved by the State Duma in first of three hearings in May. However, before the second hearing scheduled for the Duma's autumn session, a definition of "Cryptocurrency" was removed from bill.

In September, a lobby group from the Russian Union of Industrialists and Entrepreneurs started working on an alternative crypto regulation bill.

According to RSPP vice-president Elina Sidorenko, the new bill will divide digital assets in three groups and help eliminate contradictions in the state bill that she calls "Unfinished and fragmented."

During the conference, state officials discussed crypto and its role in the country's economy.

The head of the Russian central bank, Elvira Nabiullina, compared interest in crypto to a "Fever" that was "Fortunately" over.