Last Minute: Russia Takes Action for Crypto Regulations!

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According to information in the Russian media, the Russian government and the central bank have agreed to recognize crypto assets as currency and provide legal status. In the breaking news in the media, it was claimed that the Russian government will also define the cryptocurrency services provided outside of the banking system and licensed platforms as illegal.

Regulatory Step from Russia

Russian media reported that the government and the central bank have reached an agreement to draft a law that will provide a legal basis for cryptocurrencies. In the news in the media, it was stated that the new regulations will come into force in the second half of 2022 or in 2023.

Although there is no official statement or statement yet, according to the allegations, crypto assets will only be available to users through the banking system and licensed platforms. Conducting any transaction with crypto assets outside of the legal sectors, avoiding reporting and accepting payments in cryptocurrencies illegally will be among the criminal offenses.

Uncertainty in Regulations

With Bitcoin’s high value increases in recent years, cryptocurrencies have naturally entered the radar of regulators around the world. Many countries have started to work quickly on legal regulations regarding crypto assets. Here, there were quite different approaches between countries. While El Salvador has accepted Bitcoin as its legal currency, China has adopted a prohibitive policy regarding cryptocurrencies. In the USA, due to the lack of a single federal regulatory agency, legal regulations on some issues, such as stable cryptocurrency regulations, remained unclear. Precisely in this context, this new move by Russia regarding crypto regulations has met with great media attention.