Kazan may become a test zone for cryptocurrency regulation

The implementation is possible under the federal laws on digital financial assets and experimental legal regimes

26.01.2022 - 13:35

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What’s new? Airat Khairullin, head of the Tatarstan Ministry of Digitalization, suggested creating a zone in Kazan to develop and test mechanisms for regulating the cryptocurrency market in Russia. This is reported by Interfax.

Information on the Interfax website

What does Khairullin say? The official believes that the implementation of the project is possible within the framework of federal laws on digital financial assets and experimental legal regimes. Khairullin added:

“I suggest, in coordination with the Central Bank, the FSB, and the Russian government, to implement a pilot zone in Kazan within the framework of two federal laws and see how the same elements of the [cryptocurrency market] infrastructure work under the control of the state and the regulator.”

What had happened before? Last week, the Bank of Russia proposed to impose a complete ban on the use and mining of all cryptocurrencies.

The Russian Ministry of Finance called for regulation instead of a ban. The rationale was that a complete ban on mining and bitcoin trading may leave Russia behind in the field of innovative technologies.

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