FameEX Hot Topics | Chairman of State Duma Financial Markets Committee: Russia to Impose 'Significant' Crypto Regulation After Legalization

Anatoly Aksakov, Chairman of the Financial Markets Committee of the State Duma, has provided an update on the legalization and regulation of cryptocurrencies in Russia. Aksakov emphasized the government's intention to exercise "serious" control over cryptocurrencies once they are legalized. This move is eagerly anticipated by crypto users in Russia, as it would facilitate easy utilization of cryptocurrencies for international settlements, overcoming banking-related challenges.

Aksakov highlighted the importance of establishing stringent regulations governing crypto transactions and service providers. The objective is to create a secure framework that protects cryptocurrency owners, ensures proper taxation, and maintains stability in the crypto market. Recent reports have revealed the Central Bank of Russia's plan to conduct pilot tests of cross-border settlements using digital and central bank digital currencies (CBDCs). These settlements are primarily aimed at facilitating international transactions and will not be available for domestic use within Russia.

Aksakov had previously mentioned the use of exchanges for cross-border settlements, including bypassing sanctions restrictions. However, he cautioned that such actions might result in the introduction of new restrictions on these exchanges. Consequently, plans for a national cryptocurrency exchange in Russia were abandoned. Aksakov expressed his expectation that a bill regulating cryptocurrencies would be passed by October. Initially, he aimed to pass four crypto-related laws during the State Duma's spring session, which concludes on July 30. These legislative efforts are focused on establishing a comprehensive legal framework for cryptocurrency activities in Russia.

The government's intention to exercise significant control over cryptocurrencies after legalization demonstrates its commitment to mitigating risks and ensuring responsible usage of digital assets. Russia aims to create a favorable environment for cryptocurrency adoption, enabling smoother international transactions and instilling confidence in the crypto market. Clear regulations will address taxation issues, establish rights for cryptocurrency owners, and provide market protection.

The expected passage of a bill regulating cryptocurrencies signifies progress in Russia's endeavor to establish a comprehensive legal framework for the crypto industry. While specific details of the legislation are yet to be revealed, it is anticipated to address crucial aspects of cryptocurrency usage, trading, and taxation. The involvement of the Financial Markets Committee highlights the government's commitment to striking a balance between control and innovation within the crypto sector. These developments indicate Russia's growing recognition of the significance of cryptocurrencies and their potential impact on international transactions. By embracing digital assets, Russia aims to enhance its position in global finance and facilitate smoother economic interactions with other countries.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.