According to Cointelegraph, a media specializing in cryptocurrency on the 7th, Russian cryptocurrency advocates say that the existing laws do not adequately meet the needs of the cryptocurrency market.
A group of Russian lobbyists, headed by the law firm Digital Rights Center, launched a new campaign against regulatory initiatives that make them feel they are hindering the adoption of cryptocurrency in their country.
The Digital Rights Center announced on the 6th that the group has created a platform designed to resist the adoption of laws prohibiting the conversion of cryptocurrencies and digital assets in Russia. Other leading members of the group include the Blockchain and Digital Economy Commission, and Investment Russia, a public organization across Russia, and the non-profit organization Roscomsboboda.
The campaign, which is called the’public initiative of the cryptocurrency community in Russia’, argues that the regulation of digital currency proposed in Russia “does not properly meet the needs of the market.”
The lobby group pointed out that “the new law complicates the use of cryptocurrencies in Russia and slows the development of decentralized financial markets.” They also stressed that “according to the existing laws and legislation in Russia, the use of cryptocurrency as a payment method is forbidden, and if you do not report that you have cryptocurrency, you will be subject to severe punishment and imprisonment for up to three years.”
They initiated petitions targeting major Russian regulators, including the Ministry of Finance, the Ministry of Economic Development, the Bank of Russia, the Federal Tax Service and the Russian State Duma Financial Markets Commission.
Petition service site[Change .org] The petition, available on the Internet, is calling for authorities to rethink their approach to domestic cryptocurrency regulation. They also want to prevent the adoption of four separate regulations related to cryptocurrency, including Russia’s new cryptotaxation bill.
Meanwhile, the Russian Parliament Duma approved the bill at its first reading held in February.