Cryptocurrencies in Russia to be placed under ‘serious control’ after legalization

Digital assets will be legalised in Russia, but authorities will tighten oversight of the sector. This was stated by the chairman of the State Duma committee on the financial market, Anatoly Aksakov, as reported by TASS.

“The cryptocurrency will be legalized. Its movement, obviously, will be under serious control to prevent abuses,” he explained.

Aksakov noted that many users of digital assets are ‘eagerly’ awaiting the bill’s passage. According to him, the State Duma will adopt the document in its final readings in October.

In July, four laws related to digital assets are also planned to be approved.

Crypto users want it legalized faster. They are ready to work in the legal space, because foreign financial institutions sometimes fear dealing with Russian banks and conducting settlements with Russia,

Earlier Deputy Finance Minister Alexei Moiseev stated that the Federal Tax Service could be appointed as regulator of digital assets in Russia.

On 14 April the government submitted to the Duma a bill on taxes on cryptocurrency transactions. The taxation of these operations does not affect the cryptocurrency market — it will be laid out separately.

Earlier in March, the Ministry of Finance provisions on criminal liability for failing to declare digital assets.