Russian Parliament Advances Blockchain Bill to Second Stage

Russia has passed a bill in its State Duma to legalize the use of blockchain technology for financial marketplaces, allowing participants to combine their operations with blockchain platforms.

The bill, numbered 221502-8, was submitted by members of the parliament in October 2022 and passed the first reading. The bill will now move to the committee stage before becoming law.

The regulation will open the door for new business models based on the digital transformation of financial services.

This move comes as Russia works on launching a national cryptocurrency exchange and developing a gold-backed stablecoin in collaboration with Iran, signaling its growing interest in the blockchain industry.