Russia's crypto regulation bill delayed, unable to pass by July 1 as scheduled

CoinFeed June 25 news, according to Bits.media, Alexei Yakovlev, director of the financial policy department at the Russian Ministry of Finance, acknowledged that the government's bill on cryptocurrency circulation regulation cannot take effect as scheduled before July 1. The bill was originally planned to take effect on July 1, and is currently ready for a second reading as a whole, but will be 'slightly delayed.' Yakovlev said that the State Duma Financial Market Committee will consider the bill 'in the coming weeks,' and passage before July 1 is now impossible. The State Duma passed the first reading of the bill on April 21. Previously, authorities repeatedly set July 1 as the effective date. The Russian Central Bank had planned to adopt detailed rules in the third quarter so that the first cryptocurrency transactions under the new regulations could occur in the fourth quarter, with all crypto operations to be regulated on par with bank transfers as envisioned by the central bank.