reported that the impasse between the Ministry of Finance, which is pro-business and closely guardedly procrypto adoption, and the anti-crypto Central Bank seems to have ended after direct intervention by President Vladimir Putin. According to reports, the parties favor a draft bill to ban anonymity in crypto-sector and force crypto exchanges into registration with a new super regulator.
However, the political wranglings in Moscow have left miners, particularly industrial miners, high and dry. Many are urging policymakers to “hurry” and legalize their particular sector . The “grey” state in which miners are not legally recognized or illegal has left them stuck.
Putin mentioned favorable crypto conditions in Russia, including its vast energy resources. Russia is now considered the second-largest Bitcoin mining country after the United States.
The government seems keen to sell its BTC in relative freedom, provided that buyers are not located on Russian soil.
According to Interfax, the ministry released draft proposals regarding the matter. These proposed that non-residents “be able, remotely if necessary, […] foreign currency exchange operators and foreign currency exchanges within Russian Territory.”
The document’s authors also explained:
“If a legal framework is created to police cryptocurrency in Russia, and the Russian financial sector, it is likely that foreign investors will purchase newly created cryptocurrencies from Russian miners.”
These transactions should be performed by a Russian bank that is not yet specified, as per the proposal.
The ministry also reportedly suggests limiting the availability of cryptoassets on local platforms to the “most matured and established cryptocurrencies.”
A prominent Russian MP claims that regulation of the industry will boost the domestic crypto sector.
Alexander Yakubovsky is also a member the working group on “legislative regulation cryptocurrencies.” He explained – via Telegram channel of Russia’s ruling United Russia Party that the bill will “give people the chance to legally participate in innovative financial projects development and protect them against the actions of fraudsters.”
He claimed that his party was “working with experts” to “prepare proposals for the development blockchain technology” in crypto sphere.
Tass reported further by that the government had explained that its move would “bring digital currency industry out the shadows” and allow for legal business activities.
Yakubovsky also added:
Russian citizens have large amounts of money in crypto wallets. This is true for both large-scale investors and individuals. This should lead to a status quo in which cryptocurrency investing becomes easy and safe.
Further, the cabinet indicated that it would focus on “protection and the rights of citizens” with its forthcoming draft legislation, which will be unveiled February 18. It could also seek to modify rules for both retail and industrial investors.
