Russia decides between complete ban and legalization of crypto investment, trade regulation
Russia decides between complete ban and legalization of crypto investment, trade regulation
authorities in Russia discuss two very different approaches to regulating cryptocurrencies and associated activities. While the Bank of Russia reports to prohibit the purchase of crypto-assets, the legislator strives to enact rules for dismantling, exchange and taxation that would effectively legalize cryptocurrencies.
Russian officials debate alternative crypto regulations
Russian institutions, including the central bank and the lower house of the parliament, the state duma, consider how they can put the country's growing crypto room in order. The head of the Duma financial market committee, Anatoly Aksakov, announced that civil servants are now discussing "two diametrically opposite approaches" to regulate cryptocurrencies - a complete ban or alternatively the legalization of the crypto clandel.
The focus of the discussions is on how the new financial instruments are legally defined and taxed, according to the high -ranking legislator, the Interfax news agency quotes. They are to be finalized in the spring session of the Russian Parliament so that Russia has clear regulations for the tax year 2023. Aksakov pointed out that the State Duma had already passed a draft law to tax cryptocurrencies in the first reading.
The new bill, which recognizes digital currencies such as Bitcoin as tax property, was presented to the house a full year ago. The MPs gave their first approval for the draft in January 2021 when the law came into force "through digital financial investments". The chairman of the Duma legislative committee, Pavel Krasheninnikov, commented on the matter and emphasized that Russia had to legalize it before taxing the cryptocurrency.
Anatoly Aksakov further explained that some regulatory proposals are very hard and provide for the complete ban on acquisition and possession of cryptocurrencies. Another approach is to approve the establishment of cryptocurrency exchanges and to ensure that your company is transparent for the supervisory authorities, which also makes it easier for the Federal Tax Service to tax your transactions.
Another area that deserves attention is the cryptocurrency mining that is already expand as an industry in the high -energy Russian Federation. Aksakov was a fan to tax. Such a step would also enable Russia to introduce higher electricity tariffs for mining companies, which now often use subsidized energy at household prices.
Bank of Russia wants to prohibit cryptocurrency investments
In the meantime, a media report has shown that the central bank of Russia ( cbr will try to ban cryptocurrency investments, and call risks that they can represent for the financial stability of the country. It is said that these risks increase with the spread of crypto transactions. The regulatory authority was a strong opponent of legalizing the circulation of cryptocurrencies in the Russian economy and described assets such as Bitcoin as " Gelderset "as well as your acceptance as . .
According to two sources cited by Reuters from the Russian financial sector, the currency authority is now discussing a possible ban on new purchases from crypto-assets with market participants and experts. In the event of an assumption, the restrictive measure would have no effect on previous acquisitions, one of them found on the condition of anonymity. The other source that the CBR is close to revealed that the current position of the central bank is a "complete rejection" of all cryptocurrencies.
asked for a comment, the Bank of Russia announced that it is currently preparing a consulting report to present their position on this topic, but rejected it in detail. According to the Russian media, a working group about the regulation of cryptocurrencies that were formed in the public duma, will come together in December, starting with a review of a report created by the CBR.
In the recently published overview of the financial stability for the second and third quarter 2021, the Bank of Russia According to financial institutions, the annual volume of the digital currency transactions of Russian residents amounts to around $ 5 billion. The authority warned that cryptocurrency operations "rescue significant risks for financial stability and investors".
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