Russia proposes adding cryptocurrencies to the Civil Code

Russia proposes to legalise cross-border cryptocurrency transactions in 2023, though this would require amendments to the Civil Code. In an interview with Izvestia, Ivan Chebeskov, director of the Ministry of Finance’s Department of Financial Stability, said.

According to him, for international payments in digital currency to take place, it must be recognised as property at a legal level. Authorities are currently discussing possible legislative initiatives.

Another important issue is the taxation of cryptocurrencies. Daniil Yegorov, head of the Federal Tax Service, noted that a decision would be made based on how these transactions are regulated in Russia.

The head of the Duma’s Financial Committee, Anatoly Aksakov, added that there are currently ‘debates’ about the need to introduce provisions on cryptocurrencies into the Civil Code, as this would slow the process of legalising deals.

At the same time, Prime Minister Mikhail Mishustin ordered by December 19 to prepare proposals for the development of cryptocurrencies and the digital ruble in coordination with the central bank.

The discussion of the roadmap will involve the Ministry of Finance, Rosfinmonitoring, the Federal Tax Service, and the FSB. It should include provisions regulating mining and the circulation of digital currency within the Russian Federation, as well as its use in international settlements.

The prime minister also ordered agencies to devise a mechanism for simplified access for foreign investors and issuers to the Russian financial market through remote identification.

In February, the Ministry of Finance submitted the draft law ‘On Digital Currency’. It provides for operations with cryptocurrencies through Russian banks, wallet-holder identification, and the separation of investors by qualifications.

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