Russian authorities are planning to pass new legislation that would effectively legalize cryptocurrency markets by summer 2018. As revealed in a report by the Russian parliament’s official publication on March 1, Russian president Vladimir Putin has set a deadline on July 1 for relevant cryptocurrency legislation to be adopted in the country. The report specifically points to two draft laws centered on blockchain technology that have been developed so far. Russia’s Ministry of Finance has put the spotlight on legal guidelines for the issuance of initial coin offerings (ICOs) while the country’s central bank has prepared a separate draft law on crowdfunding.
The report suggests that the two authorities have agreed upon the main regulatory moves on cryptocurrencies, save for one major contradiction when it comes to cryptocurrency exchanges operating in the country. In essence, the central bank isn’t keen on retail traders and investors participating in cryptocurrency trading.