The Russian prime minister, Mikhail Mishustin, raised the topic of cryptocurrencies and therefore the need to ensure safety to users during the govt session today on Thursday, consistent with a transcript.
While acknowledging the growing interest within this “relatively new tool,” Mishustin added that the govt plans to steer the cryptocurrency market’s development within a “civilized direction” so users can better protect their “rights and interests.” This is ensured to make it harder for “shadow schemes” [or scams] to operate, he added.
The prime minister explained that Russia’s tax code will be amended to call crypto assets property, meaning owners will be able to seek relief & safety in court if they ought to fall victim to any criminality.
The country’s Ministry of Finance has already suggested a variety of additives to the tax code, including the requirement to report crypto holdings ranging from a particular threshold, and legal consequences for those that don’t.
Mishustin was appointed the head of the Russian government this spring, after leading the country’s federal tax agency for 10 years.
Additionally, Russia doesn’t have an in-depth regulatory framework for cryptocurrencies, but President Putin signed one of two bills into law within the summer that regulates the issuance of digital securities and mentions cryptocurrency as a kind of taxable property.