The federal government in Moscow has adopted a concept for regulating the Russian crypto space as early as this month. The new framework is expected to place cryptocurrency flows under state oversight, introduce strict obligations for market participants, and ensure investor protection.
Russian Authorities Move to Legalize Crypto Economy
The Russian government “has determined the future of digital currencies in Russia,” an announcement published late Tuesday stated. The executive power in Moscow elaborated that the plan is to integrate the circulation of cryptocurrencies into Russia’s financial system. The cabinet also aims to establish control over crypto-related flows in the banking system.
Siding with the Finance Ministry’s view on the matter, the federal government wants to allow crypto platforms to operate under a licensing regime. To protect the rights of Russian citizens, investors will be divided into qualified and non-qualified classes, while crypto service providers w
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