Russian President Vladimir Putin has signed a invoice into regulation prohibiting digital monetary belongings as funds greater than a month after it was launched to the nation’s decrease chamber of Parliament.

In a Thursday replace, the Russian State Duma noted that Putin signed a invoice suspending sure components of an present federal regulation “on banks and banking actions,” successfully making it unlawful for folks to make use of cryptocurrencies to pay for items and companies. The preliminary draft of the invoice from June 7 specified the “prohibition in opposition to the introduction of different financial items or financial surrogates on the territory of the Russian Federation.”

The Duma chair permitted the draft invoice on June 8, and following revisions and different issues, the higher chamber of Parliament, the Federation Council, permitted the laws on July 8. Underneath the Structure of the Russian Federation, all payments should be permitted by each chambers earlier than being signed into regulation by the president.

Cointelegraph reported in June that the invoice launched the idea of an “digital platform” — a monetary platform, funding platform or data system wherein digital monetary belongings are issued. Underneath the not too long ago handed regulation, these platforms will seemingly be required to submit transactions and actions to the Russian central financial institution’s registry as a part of the nationwide funds system.

Russian Duma passes invoice to take away VAT, decrease revenue tax charges on digital asset gross sales

Russia’s Parliament is presently contemplating two different payments associated to digital belongings. One will doubtlessly regulate crypto miners’ actions within the nation, requiring them to comply with a sure process to register as sole proprietors or self-employed. One other, named “on digital forex,” proposed necessities for corporations dealing with digital asset transactions, together with licensing and disclosure about dangers and information privateness.