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HomeLaw & PoliticsIs Russia attempting to create a legal framework for cryptocurrency?

Is Russia attempting to create a legal framework for cryptocurrency?

Sergey Katyrin wrote to Finance Minister Anton Siluanov, requesting a review. He also requests research on other countries' experiences with crypto as a digital form of wealth. The Russian government is developing a crypto regulatory roadmap.

The Russian Chamber of Commerce’s president has demanded that crypto mining be recognised as a business and that research into cryptocurrencies as a “digital manifestation of value” be conducted. He wrote to Finance Minister Anton Siluanov, also requesting that the country be removed from the “grey zone.”

Katyrin stated implementing taxation, and other mandatory payments will help to defuse tensions over unlawful power use. He underlined the ruble’s sovereignty and the need to research crypto’s worth as an asset.

Russia has not been as aggressive in drafting crypto market rules as some other countries. India, for example, has imposed a 30 percent tax on cryptocurrency, while China has outright outlawed the asset class.  

According to the country’s government, bitcoin is not and will never be considered legal money. But on January 28, Russian officials decided to create a roadmap for cryptocurrency regulation. President Vladimir Putin has requested MPs to reach an agreement on the issue. According to Finery Markets, about 7 percent of the Russian population owns bitcoin, so regulation may become a concern as use develops.

 

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