HomeCoinsBitcoin (BTC)Russian prime minister proposes legal steps to bring order to crypto market

Russian prime minister proposes legal steps to bring order to crypto market

- Advertisement -

Russian prime minister proposes legal steps to bring order to

Russian prime minister Mikhail Mishustin has appeared to express support for the further development of the local cryptocurrency market.

At a recent governmental meeting held on Nov. 26, Mishustin proposed the introduction of legal protections for crypto holders in the country in order to contribute to the growth of the new industry.

According to Mishustin, such a framework would develop the industry in a “civilized way so that the owners of such assets can protect their rights and interests,” while at the same time preventing “shadow schemes.” 

As part of the plan, Mishustin proposed amending the Russian Tax Code to recognize cryptocurrencies like Bitcoin (BTC) as property, stating:

“Let’s make a number of changes to the Tax Code so digital financial assets can be recognized as property, and their owners will be able to count on legal protection in the event of any illegal actions, as well as to defend their property rights in court.”

Mishustin replaced Russia’s former prime minister Dmitry Medvedev in January 2020, whereupon he urged the country to prioritize the development of a digital economy. However, the current status of the local crypto ecosystem remains in doubt because the government is planning to officially ban payments in crypto in January 2021. Russian authorities also want to introduce prison terms for failing to report annual crypto transactions of about $600,000.

Meanwhile, major Russian financial institutions are rushing to launch crypto and blockchain-related services abroad. On Nov. 19, Gazprombank Switzerland, a subsidiary of one of the largest banks in Russia, debuted its Bitcoin transaction service following regulatory approval by Swiss regulators. 

First published here

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,499FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 61,152.00
ethereum
Ethereum (ETH) $ 3,816.43
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 611.99
litecoin
Litecoin (LTC) $ 184.18
eos
EOS (EOS) $ 4.49
okb
OKB (OKB) $ 16.21
tezos
Tezos (XTZ) $ 6.76
leo-token
LEO Token (LEO) $ 2.89
cardano
Cardano (ADA) $ 2.16
monero
Monero (XMR) $ 262.06
stellar
Stellar (XLM) $ 0.383239
chainlink
Chainlink (LINK) $ 26.72
huobi-token
Huobi Token (HT) $ 7.58
tron
TRON (TRX) $ 0.101676
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 187.37
neo
NEO (NEO) $ 43.55
iota
IOTA (MIOTA) $ 1.27
nem
NEM (XEM) $ 0.172794
zcash
Zcash (ZEC) $ 127.99
maker
Maker (MKR) $ 2,566.39
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 53.38
vechain
VeChain (VET) $ 0.125386
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 56.36
kucoin-shares
KuCoin Token (KCS) $ 13.09
waves
Waves (WAVES) $ 29.31