MinFin Supports Legalization of Crypto Market
The Russian Ministry of Finance is increasing efforts to legalize cryptocurrency by establishing national infrastructure, with the view to moving the market out of legal gray area. Deputy Minister Ivan Chebeskov, during a TASS interview, underlined the ministry’s stance on crypto legalization.
“Not only do we affirm this, but we have worked with the central bank. As you see, the Ministry of Finance has always believed that the market of digital currency should be maximally regulated and legalized.” – Ivan Chebeskov
Bank of Russia and MinFin Agree on Regulation
Chebeskov indicated that the ministry and Bank of Russia agreed on an experimental legal regime under which the regulator reforms are to be implemented. The project, being supervised by the regulator, is meant to offer a smooth transition with no legal violations.
We hope that this is one more step towards further legalisation of virtual currencies in our country. Naturally, no one is talking about settlements within the country. We never liked this, but regarding the creation of infrastructure so that virtual currencies can circulate in a legitimate way, not in some ‘gray areas’ as it is now, we are fully with you and shall continue moving in this line.” – Ivan Chebeskov
Experimental Legal Regime for Specific Investors
Chebeskov’s comments follow the Bank of Russia’s proposals regarding regulated crypto investment. The proposal, in alignment with directives from Russia’s president, aims to introduce a three-year experimental legal regime where some investors will be allowed to deal in digital assets.
Only “specially qualified” investors are eligible under this proposal. Requirements for eligibility include investment of more than 100 million Russian rubles in securities and deposits or more than 50 million Russian rubles per year in annual income.
Outlook on Russia’s Crypto Future
The move towards the launch of a regulated crypto infrastructure is an important step in Russia’s shifting mindset towards virtual currencies. Though local settlements using crypto are still prohibited, the initiative shows greater institutional focus on integrating crypto within the broader financial system.
Working together with the Ministry of Finance and the Bank of Russia, the country may see more formalized and law-abiding crypto operations in the coming years.
