Russian Government’s Crypto Policy Consensus
Russian government bodies, including the Ministry of Finance, the Central Bank, and Rosfinmonitoring, have reached a significant consensus on crypto policy. This breakthrough development aims to resolve the long-standing crypto impasse in Moscow and potentially lead to the regulation of the crypto sector in Russia.
Russian Government’s Crypto ‘Breakthrough’
Recent reports from media outlet RBC indicate that key entities such as the Ministry of Finance, the Central Bank, and Rosfinmonitoring have agreed on an approach to regulating cryptocurrencies in Russia. Rosfinmonitoring, the country’s anti-money laundering and counter-terrorism financing agency, has emphasized the need for swift crypto regulations following a compliance downgrade by the Financial Action Task Force (FATF).
- The Ministry of Finance advocates for crypto regulation and the legalization of industrial mining.
- Rosfinmonitoring calls for fast-tracking crypto regulations after a compliance rating downgrade.
- The Central Bank and the Ministry of Finance have historically held differing views on crypto policy.
Third Time Lucky for Russian Crypto Miners?
The Ministry of Finance is reportedly working on a new bill to address crypto mining issues. Previous attempts at crypto legislation faced challenges, including a failed bill in 2022 countered by the Central Bank. However, there is renewed hope for consensus-building among stakeholders.
- The Ministry of Finance’s latest bill aims to regulate crypto mining activities.
- Law enforcement agencies express concerns about potential money laundering risks.
- The State Duma is expected to consider a bill on crypto regulation in the current session.
Overall, the Russian government’s efforts to address crypto policy and regulation reflect a growing consensus among key stakeholders, signaling potential progress in the country’s crypto sector.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
