- Russia’s government is set to implement “serious” control measures over crypto transactions and service providers following its impending legalization.
- The cryptocurrency community in Russia is eagerly awaiting legalization to facilitate international transactions and bypass banking challenges.
Russia is moving towards the imminent legalization of cryptocurrencies, but this liberalization will come with a tight leash, according to Anatoly Aksakov, chairman of the Financial Markets Committee of the Russian State Duma. He envisions the government taking a firm grip on cryptocurrency transactions and services once the digital assets become legal tender in the country.
In a recently reported statement, Aksakov asserted, “Cryptocurrency will be legalized. Its movement will obviously be under serious control so that there will be no abuse.” This announcement implies that the Russian government is keen on establishing rigorous regulations surrounding crypto transactions and service providers.
The anticipation around crypto legalization in Russia is not solely related to domestic implications. Aksakov has observed a growing eagerness among cryptocurrency users in the country who are hopeful that legalization will enable seamless utilization of digital assets for international settlements. This move could potentially circumvent issues typically encountered with traditional banking channels.
In fact, Aksakov has previously advocated for the identification of cryptocurrency holders in Russia with the aim of instituting taxation, protecting the rights of cryptocurrency owners, and establishing safeguards in the crypto market.
One of the key areas of focus for Russia in its journey towards crypto legalization is leveraging digital assets to streamline international trade and bypass economic sanctions. This sentiment has been reinforced by recent announcements from the Central Bank of Russia (CBR) about its plans to pilot tests for cross-border settlements using digital currencies and Central Bank Digital Currencies (CBDCs).
Alexey Guznov, Deputy Chairman of the CBR, further clarified that these proposed settlements are intended to expedite international transactions rather than cater to domestic ones.
Aksakov has also projected that a bill regulating cryptocurrencies could be passed by October of this year. This is a slight deviation from his earlier expectation of passing four crypto-related laws during the State Duma’s spring session, which concludes on July 30. This delay may indicate the complexity and breadth of the subject, underscoring the importance that the Russian government is placing on establishing a strong regulatory framework for cryptocurrencies.
