Prime Minister Mikhail Mishustin and the Russian Ministry of Economic Development supported efforts to regulate cryptocurrencies and integrate them into the country’s economy. The support came amid tougher sanctions in connection with the war in Ukraine, which limited Russia’s access to global finance.
The pressure of the Ministry of Finance to legalize the Russian crypto space is gaining momentum
The Russian authorities are moving towards the adoption of a comprehensive legal framework for cryptocurrencies, despite persistent opposition from the central bank. The Ministry of Finance’s approach to supporting legalization is gaining even more support from other government agencies and officials as Russia faces unprecedented sanctions, including financial restrictions.
In early February, the federal government announced that it had approved the concept of regulation of the Ministry of Finance. Then the Ministry presented a draft of a new “Law on Digital Currency” designed to fill the regulatory gaps left after the entry into force of the law “On Digital Financial Assets” in January 2021.
Commenting on efforts to introduce a special regime for cryptocurrency transactions, Russian Prime Minister Mikhail Mishustin on Friday noted that the government is considering this proposal in great detail. At a meeting with LDPR deputies in the State Duma , he said:
Of course, it will be necessary to integrate the mechanism of circulation of digital currencies into the financial system of the country.
Comprehensive Crypto Ban
Mikhail Mishustin also stressed that related issues can be resolved only with the participation of the Central Bank of Russia (CBR). According to Mizustin, the central bank should assess the risks associated with cryptocurrencies. In January, the monetary authority proposed a comprehensive ban on cryptocurrency, citing risks to the financial stability of the country and its citizens.
While the Central Bank of the Russian Federation wants to ban a wide range of cryptocurrency-related activities, including mining, trading and mining of digital currencies, the Cabinet of the Prime Minister of Russia has stated that it is ready to regulate operations such as cryptocurrency mining.
Mikhail Mishustin continued his statements by making the following statements;
This was described in detail in the concept. According to the press service of the government, we have confirmed this.
Earlier this week, the bill of the Ministry of Finance was also supported by the Ministry of Economic Development of Russia, which wanted to help finalize the bill. The ministry said that the requirements for bitcoin mining, cryptocurrency payments and digital asset exchange operators need additional clarification and are still awaiting a response from the Ministry of Finance.