advertisement

Status Of Cryptocurrency Regulation in Russia

Vladimir Putin | Russia | Russia cryptocurrency | Russia cryptocurrency regulations

Time and again the cryptocurrency regulations have to face the adverse norms set by the government. If you are investing in cryptocurrencies or even have some appropriate knowledge of cryptocurrencies, then having an idea of cryptocurrency regulations is as important. To start with, we will talk about the cryptocurrency regulations scenario in Russia.

Legal Status of Cryptocurrencies in Russia

As for now, the legal status of cryptocurrencies in Russia is unknown. They’re neither considered assets nor properties, which has led to a number of scenarios. The most interesting scenario is one from recent Moscow Court ruling, when court declared that creditors can’t seize crypto assets of a borrower to recollect their dues. This verdict was delivered soon after the vague legal status of cryptocurrencies in Russia was taken into serious account.

Cryptocurrency Regulations in Russia: Recent Developments

In the recent days a number of interesting things have taken place in Russian Federation with regard to cryptocurrency regulations. The series in which they happened is given below:

    • Towards the end of January 2018 it was heard that the Ministry of Finance was preparing a bill to regulate cryptocurrency trading and ICOs in the country instead of putting a complete ban on them. The country had earlier decided to ban cryptocurrency trading, but as these currencies became more mainstream around the globe they decided to change the track. The draft law proposed by Finance Ministry identifies cryptocurrencies as “digital financial assets that are not legal tenders in Russia”. It proposes to allow crypto trading through government authorized exchanges and allow ICOs to be issued by all legal entities (whether private or state-controlled) to raise funds.
    • As Russian authorities worked on the draft law in background, a video surfaced of President Putin last month in which he was saying that Russia can’t afford to stay behind in the blockchain race.
  • Following this, the deadline was set. It was heard during the start of March that President Putin has set the deadline of July 1 for implementation of new cryptocurrency laws. At the same time it was also heard that Finance Ministry and Central Bank of Russia were agree on all provisions outlined in the draft law except for one contention. The contention was on the provision of allowing crypto trading in the country.
  • Finally, two days ago it was heard that Finance Ministry and central bank have reached a consensus on the provision of cryptocurrency trading, thus clearing the way for implementation of new laws. It has been decided that Central Bank’s decision will take precedence, and the central bank is now deciding to allow cryptocurrency trading. However, it may not allow crypto-to-crypto trading as it leads to questionable “anonymous” transactions.

The Russian government may not legalize cryptocurrencies immediately as means of payments, but it can be safely concluded that it  heading towards legalization of crypto trading in near future.

KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.

Get Latest Cryptocurrency And Bitcoin News

Signup this form below to get latest Cryptocurrency and Bitcoin news, directly in your mailbox

Note:

Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.