President Putin has ordered the Russian government to adopt regulations for the digital assets sector by July this year, according to a press release on Feb 27.

In the press release, Putin has approved a list of instructions for 47 orders, there is a require the Russian government to work with the State Duma, the lower house of parliament, to define federal laws for the development digital economy. Specifically, the document also suggested that the legislation should provide a framework for digital financial assets, to get attract greater financial resources based on digital.

This resembles the previous statement in 2018, Putin requested the authorities to set up the regulations for the trade of Bitcoin (BTC) and other cryptocurrencies, initial coin offerings (ICOs) and crypto mining.

In fact, the Russian parliament accepted crypto legislation in its first reading in May 2018. However, there were some terminology changes with all crypto- and token-related terms shifting into “digital rights” and the definition of crypto mining slicing out from the bill. Therefore, Russia’s crypto regulation bill was sent back to the initial reading stage in December 2018.

Recently, the Russian State Duma plans to review and adopt new cryptocurrency regulations in March, follow the report of Russian financial outlet Rambler.

Last month, The Eurasian Economic Commission (EEC) put together a report on regulating cryptocurrencies, which focuses on the definition of crypto, and makes note of regulations undertaken in different countries, reported by The Crypto Sight on Feb 8.