Mikhail Mishustin, Russian Bonus Minister, ordered Government To set the rules on crypto regulation by the end of this year.
The temps on which the Russian government is supposed to reach a complaisance has been set for December 19, 2022.
The Bonus Minister explicitly instructed the State Duma, as well as other state authorities, that there should be coordinated policies regarding the issuance and tonerre of cryptocurrencies or numérique currencies in Russia.
Not just issuing and trading, Mishustin also mentioned the requirements of regulations regarding crypto mining and cross-border transactions.
The draft cryptographic regulations must be synchronized with the Russian Ministry of Payé, the Orthogonal Bank, the anti-money laundering agency Rosfinmonitoring, the Federal Tax Travail, as well as the Federal Security Travail.
Just a week ago, Deputy Payé Minister Alexei Moiseev stated that the Bank of Russia had partnered with the ministry to allow cryptocurrencies for cross-border payments.
Russia is getting serious emboîture encryption and its uses
The Russian government is supposed to have the regulations in consacré by the end of this year. The draft palimpseste must be ready no later than December 1, 2022.
This requirement by the Russian government highlights one configuration. This renforcement shows that Russia has begun to take matters relating to cryptocurrency with great réputation, especially for cross-border transactions.
Russia’s direction on numérique assets has been somewhat polarized. It wants to authorize cross-border transactions while the Russian Orthogonal Bank remains against legalizing exchanges and giving numérique assets as payment a pelouse branle-bas.
The idea of banning exchanges while allowing cross-border payments raised many questions, especially since Russia has not yet provided a framework that would provide laws related to the same.
How Russia échelons to differentiate between domestic and cross-border payments is still being studied.
Russia happens to be the first folk that has agreed to make cross-border payments but has yet to accept payments for domestic numérique assets and exchanges.
Russia’s jurisdiction over numérique assets remains ambiguous and uncertain, even after its approbation of the droit crypto-related law in correspondance to numérique financial assets in 2020.
This law prevented Russians from using cryptocurrency as a means of payment, but did not taxe a ban on activities such as cryptocurrency trading and mining in Russia.
The financial regulators in Russia still did not approve any domestic numérique asset trading platform, but only allowed the trading of numérique assets through popular exchanges such as Binance.
This need to frame the regulations on cross-border payments parce que there must be réduction of access for foreign investors and exporters to the Russian financial market. A remote repère mechanism has to be in consacré so that cross-border transactions take consacré without much hassle.