Mikhail Mishustin, Prime Minister of Russia, ordered the government to set the rules regarding cryptocurrency regulation at the end of this year.
The date set by the Russian government is December 19th, 2022.
The Prime Minister only explicitly binds the Duma as well as other state agencies that there must be coordinated policies regarding the issuance and circulation of cryptocurrencies in Russia.
Not only issuing and circulating, but Mr. Mishustin also mentioned cryptocurrency mining regulations and cross-border transactions.
Draft cryptocurrency regulations must be synchronized between the Russian Ministry of Finance, the Central Bank, the anti-money laundering agency Rosfinmonitoring, the Federal Tax Department, and the Federal Security Agency.
Just a week ago, Deputy Finance Minister – Alexei Moiseev said that the Central Bank of Russia with the Ministry of Finance hopes to legalize cross-border cryptocurrency payments soon.
The Russian government is expected to have regulations by the end of the year. The draft must be ready by December 1, 2022.
This request confirms that Russia has begun to take crypto-related issues seriously, especially for cross-border transactions.
Russia is the first country that has agreed to cross-border payments but is yet to accept payments and exchanges of digital assets in the country.
The Governor of the Central Bank of Russia – Elvira Nabiullina has said that it is possible to use cryptocurrencies for foreign payments, as long as cryptocurrencies are not allowed to enter Russia’s domestic financial system.
Mr. Moiseev said that there should be crypto services in Russia because many people still have to open e-wallets with foreign platforms.
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