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regulating the crypto industry Tuesday, May 22. The laws define cryptocurrencies
and tokens as property, and lay out specifications for interacting with crypto and
blockchain-related technologies.
The bill, �On Digital Financial Assets,� which has been under consideration since
last year with a final deadline due July 1, deals with cryptocurrencies, as well as
blockchain-related technologies such as smart contracts, mining, and Initial Coin
Offerings (ICOs).
410 deputies approved the bill at a hearing Tuesday, with only one voting against
it.
The legislation had previously received mixed feedback from government parties
following its initial unveiling in April, with the Kremlin demanding more clarity
on tax obligations and the ability of foreign investors to access Russian-issued
ICOs.
In both its previous and current form, the plans have drawn criticism from industry
figures. In March of this year, Igor Sudets, a member of the Duma�s expert panel on
digital economy and blockchain, even went as far as to say that �no one will want�
to launch an ICO in Russia once they become law.