Lawmakers in Russia are presently working on four laws aimed at regulating various parts of crypto adoption in the country, which they want to pass by the end of July.
Anatoly Aksakov, Chairman of the Parliamentary Financial Market Committee, highlighted that these bills cover areas such as cross-border crypto payments, digital assets taxation, liability for their illegal use, and the regulation of crypto mining.
Russian Firms Adopt Crypto for Settlement
In addition, the official stated that Russian enterprises are already employing digital assets in cross-border transactions. This demonstrates the rising acceptance of cryptocurrencies as a valid method of payment, as well as the importance of regulation to ensure their safe and lawful use.
However, Aksakov stated that the authorities wish to consider market participants’ views on tax rules. He emphasized that the “norms applicable to DFAs will be taken into account as much as possible since this is a similar instrument.”
Importance of the Proposed Bills
The proposal of these laws is considered a positive step forward for the regulation of Bitcoin in Russia. It is believed that the new legislation will give greater clarity and transparency for investors, while also creating a framework for the safe and legal use of digital assets in the country.
The Increasing Use of Crypto in Russia
There has been a growing interest in cryptocurrency in Russia over the past few years, with an increasing number of businesses and individuals adopting digital assets.
This can be attributed to several factors, including the growing acceptance of crypto as a legitimate form of payment and investment, the potential for blockchain technology to transform various industries, and the desire to diversify away from traditional forms of finance.
Meanwhile, the government has announced the creation of a draft law to make digital assets an official payment mechanism for imports and exports in order to ensure long-term international trade.
Russian Bitcoin Regulation Limited by Sanctions
While the Russian government has taken attempts to regulate digital assets, decentralized cryptocurrencies such as Bitcoin are yet to be regulated.
Notably, the Western sanctions imposed on Russia following its invasion of Ukraine have added pressure on the country’s authorities to regulate crypto more comprehensively. This is because cryptocurrencies can be used to avoid sanctions and move money across borders without being subject to regular financial rules.
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