Russia working on new regulations for cryptocurrency and digital assets

On the first of March 2019, TASS the Russian news agency told that there will be a wave of new rules and regulations related to “Russian offshores”. Those measures in accordance with the latest regulations will affect virtual money (cryptocurrencies) on a higher level.

The “Russian offshores”, which is apparently being treated as the third group of measures, is where the Russian Ministry is working continuously. It is reported that “Russian offshores” include all those places which don’t have to pay taxes legitimately. Also, these places are spared from following regulations. Among relaxed regulations, there will be some kind of unique regulation of shipping and digital or virtual assets.

According to Ilya Torosov, the Deputy Minister of Economic Development told TASS on several occasions that digital resources comprise cryptocurrencies. She said that it is pretty much clear that digital money or assets are cryptocurrencies. However, we have to talk in general terms. For instigating the third group of policies, she is not ready to bear any responsibility in mind.

Towards the end of February, Vladimir Putin the Russian President, regimented government to implement all types of regulations that are related to cryptocurrencies. These regulations were told to be implemented by the first of July 2019. In this regard, directions were necessitated to formulate a plan for complete digital financial belongings.

A plan by the Russian State Duma was evaluated as well as approved in March. These policies were related to new cryptocurrencies policies. On the other hand, Igor Yusufov, the previous Energy Minister has proposed cryptocurrency that is backed with oil. Meanwhile, Alexander Konovalov the Minister of Justice said that formalization of cryptocurrencies legislation is too early. He also argued on the use of crypto as the legit method of payment.

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