Russia’s Ministry of Finance and the Central Bank will return to the issue of legalization of exchanges and recognition of cryptocurrencies as a commodity

According to State Duma Deputy Anton Gorelkin, the discussion between the departments “has moved from the dead point”

23.09.2022 - 06:45

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What’s new? The issue of recognizing digital assets as property and legalizing the operation of crypto exchanges in Russia is still in limbo, said Anton Gorelkin, Deputy Head of the State Duma Committee on Information Policy. Herewith, the deputy wrote on his Telegram channel that the discussion of crypto regulation between the departments, in particular the Ministry of Finance and the Central Bank, “has moved from the dead point,” because they have already agreed on the position on mining and cross-border crypto payments.

Gorelkin’s post

Regulation of digital assets in Russia. Earlier, the Bank of Russia and the Ministry of Finance agreed on a position on the regulation of mining in the country. Anatoly Aksakov, head of the State Duma Committee on the Financial Market, said that the relevant draft law would be submitted for consideration in the near future. In the document, regulators propose to allow cryptocurrency mining only in regions with a surplus of electricity.

Also, the Bank of Russia refused to classify cryptocurrency investors by their level of financial literacy. According to the Central Bank’s representative, digital assets are too unpredictable and carry inevitable investment risks.

The Prime Minister of the Russian Federation Mikhail Mishustin instructed to agree on the position on the regulation of DFAs, mining, and the use of cryptocurrencies in international settlements. The departments concerned must submit their proposals on these issues by December 19, 2022.

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