“Disappointment of the year:” Bank of Russia Deputy Chairman on slow progress toward adoption of crypto regulation

Several bills on digital assets are under consideration by the State Duma

21.12.2023 - 08:54

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3 min

What’s new? Deputy Governor of the Bank of Russia, Alexey Guznov, has called the country’s slow progress toward adopting crypto regulation “the main disappointment” of the outgoing year. According to him, the authorities have made no meaningful progress in creating a regulatory framework for digital currencies and digital rights, as well as their use in cross-border settlements. In addition, the law on the experimental legal regime (ELR) for such assets, “on which many hopes were pinned,” has not yet been adopted, the official concluded.

Material by TASS

What else is known? Difficulties with the adoption of crypto regulation continue to arise even though earlier the Central Bank and the Ministry of Finance came to a consensus on the issue, as stated by the head of the regulator Elvira Nabiullina.

Back in the summer, Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market said that a package of cryptocurrency laws regulating, among other things, mining, taxation, ELR, and settlements on foreign markets, will be adopted by Parliament by the end of July. The deputy later admitted that the initiative had “frozen.”

At the same time, the law on the adoption of national cryptocurrency into the tax system was adopted separately. According to the document, which has already been signed by President Vladimir Putin, the concept of a digital ruble will be included in the Tax Code.

In December, Deputy Director of Rosfinmonitoring German Neglyad called for accelerating the implementation of crypto regulation, as its absence could cause the International Financial Action Task Force (FATF) to downgrade the country’s rating.

PwC: 42 countries have tightened or started developing crypto regulations since the beginning of the year

Work is underway in four areas, including coin listing rules and FATF compliance

Earlier, Turkey announced the tightening of cryptocurrency AML standards: the authorities expect this way to improve the country’s rating, which FATF included in the gray list due to high money laundering risks.

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