Russian State Duma proposes to include cryptocurrency in securities law

As suggested by the latest reports from Russia, where the situation with cryptocurrency legislation still remains a bit uncertain, the Russian parliament member whose responsibility is to oversee financial and markets issues suggests to add cryptocurrency rules in the existing securities legislation.

According to him, the state can make amendments to existing laws (while not specifically countering the idea of a separate legislative act). “And, quite possibly, [we should make amendments] directly to the law on securities”, told Anatoliy Aksakov at the recent parliamentary meeting on financial matters. He also suggested to name cryptocurrencies “cryptoinstruments” and reaffirmed his position once more: such cryptoinstruments or cryptoderivatives can be regulated through the securities legislation.

If more influential Russian authorities deem this view most applicable, the situation after that will definitely remind us all of what is happening right now in the United States, where the Securities and Exchange Commission never fails to swiftly shut down the operations of organizations the business of which it considers unlawful. However, we should not forget that many Russian officials often just want to say something on the currently hyped theme and attract the attention of the media.