Crypto regulation: Russia must choose an approach by 2022

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TL; DR Breakdown

  • Russia must choose a crypto regulation approach by 2022
  • Russia wary about the high risks of crypto
  • Russian Duma chairman wants crypto regulation over ban

Over the last few years, there have been ramblings regarding a crypto regulation in the Russian financial market. Although things seem fine, the government wants all activities to be under regulation. There were reports last Thursday that the country was making moves to ban all crypto-related activities. However, there has been a call by the top echelons in the country to choose between a ban or regulation of crypto activities in the country.

Russia wary about the risks of crypto

According to a Reuters report, one of the reasons the country is seeking for a ban on digital assets is the several risks it poses to its financial stability. The report also claimed that crypto transactions are now exploding through the roof, another major reason for crypto regulation. If this comes to pass, the move will align with a recent statement from Russian President Vladimir Putin about the high risks involved in trading crypto. Presently, the Central bank is working on a report to this effect.

Russian Duma chairman wants crypto regulation over ban

Giving his opinion on the issue, Russian Duma Chairman Anatoly Aksakov said that the country must make a touch choice regarding its crypto regulation. Aksakov mentioned that it would be harder to outrightly ban the owning and trading of digital assets. In his opinion, he feels that the country can choose crypto regulation where there would be enough crypto exchanges that will fall under regulatory oversight.

With this, Alsakov believes that regulators would have little or no worries in performing their duties. For example, the tax service of Russia would easily collect taxes from such exchanges should a crypto regulation come in place. Over the years, Aksakov has been a big backer of a crypto regulation that would favor miners across the country.

In his opinion, the country needs to worry about the tax they would generate from miners and the amount of electricity they would sell to them. In the last few years, Russia has voiced its opinion to create a digital currency backed by its native currency. Some days ago, in its crackdown on several digital assets, the country announced a ban on mutual funds going into the Bitcoin scene. In another news, another reason for the crypto regulation: the transactions have seen Russians carry out about $5 billion per year in the last five years.

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