Russian authorities will agree on a unified position on regulation of the crypto market by the end of the year

By order of Prime Minister Mishustin, departments must develop rules regarding mining and circulation of digital assets

15.09.2022 - 09:00

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What’s new? Russian Prime Minister Mikhail Mishustin has demanded that all concerned departments and ministries agree on a single position on the regulation of digital financial assets (DFAs), mining, and the use of cryptocurrencies in international settlements. A message with Mishustin’s instructions is published on the Cabinet of Ministers’ website.

News on the website of the Cabinet of Ministers of Russia

What statements have been made? The Prime Minister signed instructions to the Ministry of Finance, the Bank of Russia, the Federal Taxation Service, the Federal Financial Monitoring Service, and the Federal Security Service. The parties must submit their proposals for the development of the DFA market in Russia until December 19, 2022. Among the key issues for agreement is the regulation of the issuance and circulation of digital currency, its use in cross-border settlements, as well as control of mining. In addition, the prime minister is waiting for agreed proposals for the use of the digital ruble in budget operations from the side of the Ministry of Finance and the Bank of Russia until December 1.

In July, Russian President Vladimir Putin signed a law banning payment for goods, services, and works with DFAs, excluding certain cases stipulated by federal laws.

On August 30, Mishustin announced the necessity to introduce DFAs for uninterrupted payment for exports and imports. And in early September, Bank of Russia Governor Elvira Nabiullina reported that the regulator intends to promote cross-border payments using the digital ruble. In this, the Central Bank is against the legalization of crypto exchanges and cryptocurrency settlements within the country.

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