The Latest in the Russian Crypto Regulation Saga
The Russian Ministry of Finance has submitted a regulatory proposal to the government in the latest back-and-forth in the Russian cryptocurrency saga
Russian Finance Ministry submits crypto regulatory framework for review
“The Central Bank of Russia recently called for a ban on crypto trading and mining activities throughout the country. Citing volatility, environmental impact and use in illegal activities, the central bank published a report calling regulators to implement a total ban and impose strict sanctions on violators.
However, the proposal received opposition from the Russian Ministry of Finance. A few days after the central bank’s call for a ban, Ivan Chebeskov, an official from the ministry, stated that the government should regulate crypto instead of banning it entirely. Chebeskov said that the authorities should provide an opportunity for the industry to develop and that a complete ban may result in Russia falling behind on the technology.
On Thursday, RBC reported that the ministry has sent a letter to Dmitry Chernyshenko, deputy chairman of the government of the Russian Federation, and officially submitted a regulatory proposal to the government. The proposal introduces a new framework for crypto use in the country that suggests crypto operations be done within the traditional banking infrastructure, with mechanisms in place to identify traders’ personal data.”