Russia

Russian Law Firm Challenges Unfavourable Crypto Laws in The Country

After Vladimir Putin passed into law the “legalization” of cryptocurrency in Russia barely a year ago, a gathering of Russian lobbyists has risen to challenge the validity of the passed bills, calling them “anti-crypto”.

Cryptocurrency became legal and recognised in Russia last year August after the president, Vladimir Putin, passed into law the long-awaited crypto bill, which albeit came with a few caveats.

Despite the performative legalization by the government, Russian crypto holders cannot legally make purchases with crypto and are required to disclose crypto holdings to government institutions.

In response, a group of lobbyists, led by the Digital Rights Center, have now founded a platform intended to help oppose the unusual laws governing the crypto space in the country, calling them “confusing.”

The ambitious coalition of lobbyists has likewise kickstarted a public request targeting major players in the Russian government, such as the Ministry of Finance and the Federal Taxation Service, including a global petition looking for enough signings on Change.org.

The requests, led by the law firm Digital Rights Center, would not only be challenging the August bill but the new crypto taxation bill passed just recently in February. The group has since committed to making sure the new laws passed would fit the “needs of the market.”

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