Connect with us

Hi, what are you looking for?

Economy

Russian Crypto Regulation ‘May Have to Wait Until 2025’

Russian crypto regulation may be delayed until 2025, as decision-makers in the nation prioritize other matters.

Per the media outlet Arigus, the Chairman of the State Duma’s Committee on the Financial Markets, Anatoly Aksakov, believes that the “legalization of cryptocurrencies in the Russian Federation is only a matter of time.”

However, Aksakov conceded that the “corresponding bills” will be adopted in “2024 to 2025.” This could be too late for some.

Russian Crypto Regulation – Can Moscow Afford to Wait?


In late February, German Neglyad, the Deputy Head of the domestic anti-money-laundering regulator Rosfinmonitoring, called on the Kremlin to speed up crypto regulation rollouts.

Following a Eurasian Group on Combating Money Laundering and the Financing of Terrorism (EAG) analysis, Russia’s Financial Action Task Force (FATF) rating was downgraded.

FATF has moved Russia’s compliance ranking for crypto regulation down from “complaint” to “partially compliant.”

Repeated attempts to regulate the sector have failed. The Central Bank previously called for a blanket ban on crypto.

But ministries, such as the energy and finance ministries, would prefer to regulate – and tax – the sector.

The Russian Ministry of Energy. (Source: Artem Svetlov)

This has led to a lengthy impasse that Russia can arguably scarcely afford. Domestic companies are already using crypto as a payment tool in international trade.

Russia’s crypto mining business is also booming, despite the fact that crypto mining has no legal status in the nation.

This also means that crypto exchanges are essentially unregulated. Meanwhile, the nation’s P2P market is reportedly expanding rapidly.

Some media outlets claim that up to 29% of Russians aged 22 to 44 own cryptoassets, while the Russian government has estimated that some 10% of citizens have crypto wallets.

Bigger Fish to Fry for Kremlin?


However, lawmakers and regulators appear to think they have more pressing matters to attend to.

They have prioritized the rollout of pilots and legislation governing digital financial assets and the Russian CBDC, the digital ruble.

Aksakov appears to be unmoved. He is confident that Moscow will address the matter of Russian crypto regulation in due course. The media outlet added:

“Politicians have come to a consensus about the promise of blockchain technology. There is no longer any talk of banning cryptocurrencies.”

Russia’s war economy faces tough times ahead, says IMF’s Georgieva https://t.co/PQsNnen7fR pic.twitter.com/6nJz47q6dg

— Reuters (@Reuters) February 12, 2024

But the outlet also noted that Aksakov “planned to legalize cryptocurrencies in Russia as early as 202З, but [his] deadlines are constantly shifting.”

A “lack of a legal framework for crypto mining,” the outlet concluded, costs the Treasury “billions of rubles in tax revenue every year.”

The post Russian Crypto Regulation ‘May Have to Wait Until 2025’ appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

A recent report from SoSoValue shows significant movements in the Bitcoin exchange-traded funds (ETFs) market, mainly focusing on the outflows observed in Grayscale’s Bitcoin Trust (GBTC)...

Economy

Clearstream, Deutsche Börse’s post-trade business is investing an undisclosed amount in the fintech start-up Digital Vault Services (DVS). Deutsche Börse, one of Europe’s biggest...

Economy

According to a CoinDesk report, OKX, the world’s second-largest cryptocurrency exchange by trading volume, has lost two of its top executives, Tim Byun and...

News

The foreign aid plan Speaker Johnson, R-La., unveiled on Monday night is already facing a growing red wave of opposition from his own colleagues...

News

Russian President Vladimir Putin joined international calls for cool heads in the Middle East as tensions remain high following Iran’s unprecedented attack on Israel...

News

A nonprofit founded and funded by liberal billionaire George Soros funneled a massive eight-figure sum into a prominent liberal super PAC that bankrolls several...

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.