Russia could be getting ready to make big moves in the cryptocurrency market. The country’s Prime Minister Mikhail Mishustin has appeared to give a green light for the further development of the local crypto market.
The prime minister appeared to give his stamp of approval at a Nov 26 government meeting where he proposed the introduction of legal protections for crypto holders in the country so as to promote the industry. According to the prime minister, such a move would help grow the industry in a “civilized way.” The move will also enable crypto holders to protect their rights and interests, while at the same time protecting themselves from “shadow scheme” according to Mishustin.
To try and turn the plan into reality, the prime minister also proposed the amendment of the Russian Tax Code so that it can recognize cryptos like Bitcoin 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.”
The new Russian Prime Minister Mishustin replaced his predecessor Dmitry Medvedev, who was very vocal on crypto back in January. The new premier looks set to flying the torch for Bitcoin until a proper crypto framework is laid out. His aims to that end, may come into conflict with his own government though, because plans have been underway to ban crypto payments in the country.
Russia has also been eyeing prison terms for those who fail to report crypto earnings of about $600,000. Even as the prime minister looks to make things smoother for retail investors, crypto businesses are looking to set up abroad. Nov 19 saw Gazprombank Switzerland, a subsidiary of one of the largest banks in Russia, open its Bitcoin transaction service in Switzerland.
It is not clear what crypto’s short term future is in Russia, but at the moment Russsian crypto businesses are looking abroad. It remains to be seen whether the anti-crypto measures come into effect early next year.
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