The State Duma spoke about the consequences of implementing crypt regulation.

The Russian authorities will be able to take the cryptovoltaic industry out of the shadows once the law on the regulation of relations in this sector comes into force.

This view was expressed by Arseny Poyarkov, who is a Bitcoin Trader app member of the Expert Council on Digital Economy under the Russian State Duma.

Recall that the law on so-called digital assets will come into force in January 2021, in summer it was signed by President Vladimir Putin.

Prime Minister Mikhail Mishustin recently said that the government must develop an effective system of control over cryptotransactions. Bitcoin and the rest of the coins will be recognised as property, allowing their holders to assert their legal rights.

According to Poyarkov, the lion’s share of the cryptographic business will work quite legally once the law comes into force. The regulatory and legal framework will be introduced not only to enable the state to control this or that area, but also to protect the rights of business entities.

The authorities refuse to recognise crypt currency as a payment system, so it cannot be used for paying for goods and services, RIA Novosti reported.

Poyarkov, however, admits that part of the cryptographic business will still remain in the shadows. Such holders of digital assets consider the new law to be „very strict“, so in protest they will refuse to work in the legal field.