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Russian cryptocurrency bill might arrive in February

Regulation

As suggested by the finance portals of Russia and abroad, the cryptocurrency legislation in this country can be implemented already in February. “If I’m not mistaken, the proposals should be formulated by February 1 in the framework of the president’s mandate” - cites Bitcoin.com one of the officials.

Previously, the current President of Russia, Vladimir Putin, who is likely to run for another term, endorsed the idea that the state must not forbid everything and thus harm the markets which otherwise could have become beneficial. However, he also ordered to develop cryptocurrency legislation with Article 27 of the Law on the Central Bank of Russia in mind, which means that free Bitcoin payments will likely not be allowed.

Other reports since that order told that mining is going to be viewed as a kind of enterprise and taxed as such, while ICOs will be held similarly to IPOs. The Ministry of Finance of the Russian Federation, meanwhile, admits that Bitcoin trading is currently neither directly forbidden nor allowed, while telling it might restrict it for qualified investors only, so that citizens would not lose money on risky trades. Restriction might be temporary, suggested Deputy finance minister Alexei Moiseev.

However, the full ban of any modern cryptocurrency activity seems to be out of the question after Putin’s statements: the Central Bank of Russia lately told it would actively observe the market like their counterparts in Australia and Singapore instead of closing it.


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