The Russian Ministry of Finance says it’s working to regulate crypto by rolling out national infrastructure that would move the local crypto market out of the gray area.
Russia‘s Ministry of Finance is stepping up efforts to bring crypto into the light, with plans for national infrastructure that could move the country’s crypto market out of the shadows, says Deputy Minister Ivan Chebeskov, Russia’s state-controlled news agency TASS reports.
“We not only support this, but we’ve worked together with the central bank. As you know, the Ministry of Finance has always had the position that the digital currency market needs to be maximally legalized and regulated.”
Ivan Chebeskov
The official also added that the ministry and the Bank of Russia had agreed to implement the changes through an experimental legal regime, managed by the regulator, ensuring the process would be “efficient and without any violations.”
“We hope this will be another step towards further legalization of digital currencies in our country. Naturally, no one is talking about settlements within the country. We have never supported that, but from the perspective of creating infrastructure so that digital currencies can circulate legally, not in any ‘gray zones’ like it happens now, we are fully on board and will continue working in this direction.”
Ivan Chebeskov
Chebeskov’s comments come as the Bank of Russia has presented proposals to the government for a regulated framework on cryptocurrency investments, set within a three-year experimental legal regime. As crypto.news reported earlier, the initiative, which follows the Russian president’s directives, would allow a select group of investors to trade digital currencies.
According to the proposal, only “particularly qualified” investors — those with investments over 100 million Russian rubles in securities and deposits or an annual income exceeding 50 million Russian rubles — would be eligible to participate.
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