Russia is progressing on its efforts to embrace Bitcoin in the country. The latest developments are from its Ministry of Finance and the Chamber of Commerce, which suggested that banks take over crypto regulation in Russia.
Officials for Crypto Regulation in Russia Rather than a Ban
A Kremlin report indicates that Russia owns over 16.5 trillion rubles ($214 billion) of cryptocurrencies as of January 2022. The figure is close to 12% of the total value of global holdings and a third of the market capitalization of Russia’s benchmark stock index. It explains why Russia’s Ministry of Finance sees it is vital to regulate the affluent industry.
Russia’s central bank recommended that the country mimics China and place a blanket ban on cryptocurrencies. The bank published a report titled “Cryptocurrencies: trends, risks, measures,” highlighting the risks associated with crypto volatility and its popularity in fraudulent activities. However, President Vladimir Putin opined afterward that the crypto mining business might profit Russia, so there should be no rush to ban it.
In the latest update, Ivan Chebeskov, an official of the Ministry of Finance, outright said that a ban on crypto in Russia is unnecessary. The Minister of Finance Anton Siluanov also emphasized the need for Bitcoin regulation in a letter addressed to price Minister Mikhail Mishustin. Instead of an outright ban, putting regulation will be more superior, a move that will benefit both the country and investors.
Recommendation of Crypto Regulation in Russia
The Bitcoin regulations proposed that the Russian banking organizations exclusively handle the trade of cryptocurrencies. On the other hand, foreign exchanges will require a license to operate in Russia. Additionally, anyone who fails to declare their earnings from crypto for tax purposes will face the consequences.
Allowing banks the exclusivity of crypto trading will put the digital assets on an equal footing with precious-metal accounts in banks and other traditional investment tools. Crypto trading will require the KYC and AML checks for buyers, taxation, and regulated fiat on-ramps to simplify regulation.
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