Russia to Consider Bill of the Ministry of Finance on Crypto Regulation

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The Russian Ministry of Finance has submitted to the government a bill based on its concept of crypto regulation. At the same time, the financial department has promised the central bank of the country to take into account its comments and suggestions in this document.

In parallel, the Ministry of Finance has started to seriously develop a mechanism for taxing the cryptocurrency industry.

Last week, Finance Minister Anton Siluanov, in an interview with one of the federal TV channels, announced the plans of his department to submit a relevant document for consideration by experts in the near future.

According to the official, the government can use the experience of other countries that have already legalized digital currencies and taxed this market.

The Bank of Russia has developed its own bill on the crypto industry. It is based on the restrictive initiatives outlined in the regulator’s report published in January. The Central Bank calls for a ban on the circulation of tokens and mining.

In addition, the regulator requires the introduction of fines for individuals and legal entities that ignore the prohibitions of the authorities.

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