Russia to Regulate Crypto in "Civilized" Direction
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Nov. 26, 2020
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Russia will focus on cryptocurrency regulation in a "civilized" manner, said Russian Prime Minister Mikhail Mishustin. In particular, Mishustin said that the Russian government is working on regulation of the cryptocurrency market in a "civilized" direction so that the owners of digital assets can protect their rights and interests.

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The Russian Prime Minister also said the authorities will tighten the circulation of shadow crypto-related schemes.

"Digital financial assets will be recognized as property, and their owners will be able to count on legal protection in case of any illegal actions, as well as defend their property rights in court," Mishustin said.

While cryptocurrencies are a new financial tool, interest in these assets is constantly growing, he added.

Meanwhile, Russia is considering controversial measures on the market "legalization." The Ministry of Finance of Russia has recently proposed a prison sentence for crypto holders who do not declare their taxes.

The ministry plans to punish the failure to declare profits from cryptos with prison sentences. In particular, it is considering the possibility that users violating the law will face prison sentences of up to three years in cases where they fail to report transactions of up to $586,000 or more to the tax authorities at least twice every three years.

Russia's Third Largest Bank Adopts Bitcoin

In 2018, Dmitry Medvedev, Russia's former Prime Minister, said at the Era of Globalization International Forum that cryptocurrencies had become"an intensely debated issue."

"I have to say that I am rather pessimistic when it comes to this phenomenon. No one knows whether these virtual currencies are here to stay," Medvedev said.

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