In Russia it was proposed to create offshore zones for cryptocurrencies

In special economic regions, the citizens of any country will be able to receive preferences and implement cryptocurrency projects

26.03.2022 - 11:00

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What’s new? Yaroslav Nilov, the Deputy head of the Liberal Democratic Party of Russia, proposed creating offshore cryptocurrency zones to support the regions. In “kriptograd,” a citizen of any country owning digital assets would be able to officially “pay taxes, receive preferences and implement their projects.” Nilov stressed that his faction is in favor of regulating cryptocurrencies and is against their ban.

Russia’s government press release

Cryptocurrency situation in Russia. On February 21, 2022, the Russian Ministry of Finance submitted a draft federal law “On Digital Currency” to the government. It prescribes the main concepts of regulating the cryptocurrency market. According to the document, all crypto companies and exchanges will be required to register and obtain a license to operate. Also, all Russians will have to undergo identification when making transactions.

In March, Prime Minister Mikhail Mishustin called for digital currencies to be integrated into the country’s financial system. Also, the Ministry of Economic Development supported the bill on the regulation of cryptocurrencies and suggested finalizing the document on mining issues.

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