According to reports, Russian citizens transfer about $129 billion in digital assets a year, prompting Russian financial officials to push for a quicker adoption of crypto rules.
A large portion of the daily cryptocurrency turnover, according to Deputy Finance Minister Ivan Chebeskov, occurs outside of regulated channels and amounts to almost 50 billion rubles.
Large amounts of transactions that take place outside of government scrutiny worry authorities. The European Union, meanwhile, is worried that Russia would use cryptocurrency to get over sanctions.
While increasing access for eligible investors, the central bank has suggested capping the annual amount that non-qualified investors can access cryptocurrencies at 3,00,000 Rubles. Legislation is expected to be passed at the spring session of the State Duma.
This initiative is markedly a shift from earlier attempts at prohibiting cryptocurrencies entirely. It appears that regulators are now more concerned with maintaining some investor safeguards while giving the market more visible legal oversight.
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