Russian Prime Minister Dmitry Medvedev speaks at the St. Petersburg International Legal Forum in St. Petersburg, Russia, May 16, 2018. Russian legislation can no longer ignore transactions in the digital environment, and the parliament is working on legally strict concepts of digital money and digital rights, Medvedev said at the St. Petersburg International Legal Forum on Wednesday. (Xinhua/Irina Motina)

ST. PETERSBURG, May 16 (Xinhua) -- Russian legislation can no longer ignore transactions in the digital environment, and the parliament is working on legally strict concepts of digital money and digital rights, Prime Minister Dmitry Medvedev said at the St. Petersburg International Legal Forum on Wednesday.

Medvedev said the proper regulation in this area will ensure judicial protection against abuse, prevent the withdrawal of assets into an uncontrolled digital environment, create the basis for building a taxation system of digital transactions and assets.

He also noted that the legislation in this area should be flexible, since the digital world is changing quickly.

Russian parliamentarians started drafting a bill on digital financial assets in April. It will provide definitions of digital technologies used in the financial sphere, as well as legal regulation of crowdfunding and cryptocurrency.