State Duma of the Russian Federation: after the law on “DFA” came into force the crypto industry will come out of the shadows

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The Russian authorities will be able to bring the cryptocurrency industry out of the shadows after the entry into force of the law regulating relations in this sector of the economy.

This point of view was expressed by Arseny Poyarkov, who is a member of the expert council on the digital economy under the State Duma of the Russian Federation.

According to Poyarkov, the lion's share of the crypto business will work quite legally after the law comes into force.The regulatory framework will be introduced not only to ensure that the state can control a particular area, but also to protect the rights of business entities.

Let us remind you that the law on so-called digital assetswill come into effect from January 2021, in the summer it was signed by President Vladimir Putin.

Prime Minister Mikhail Mishustin recently stated thatthe government must develop an effective system for monitoring crypto transactions. Bitcoin and other coins will be recognized as property, which will allow their holders to assert their legal rights.

"The government plans to move the development of this "cryptocurrency" market into a civilized way, so that the owners of such assets can protect their rights and interests, and the creation of shadow schemes was difficult"The Prime Minister said.

The authorities refuse to recognize cryptocurrency as a payment system, therefore it cannot be used when paying for goods and services, the RIA Novosti agency quotes an expert as saying.

At the same time, Poyarkov admits that somecrypto business will still remain in the shadows. Such digital asset holders consider the new law to be “very harsh”, so they will refuse to work in the legal field as a sign of protest.

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