More and more influential individuals and companies in Russia prefer crypto regulation over a blanket ban.
Russia goes for regulation
According to Reuters, authorities in Russia have proposed a plan to restrict and regulate the trading and mining of cryptocurrencies without imposing an outright ban on the sector.
Be in the roadmap different deadlines. By May, Russia aims to have a compliance platform for peer-to-peer transactions. It aims to use anti-money laundering guidelines recommended by the Financial Action Task Force by November. And by the end of 2022, it should have registration rules for crypto exchanges.
The document suggests there will be severe penalties for companies operating in the country and failing to disclose their crypto transactions. It may also be the case that Russian citizens are required to report their crypto possessions.
The roadmap has reportedly been fully embraced by the bodies involved in its design and signed by Deputy Prime Minister Dmitry Chernyshenko.
President Vladimir Putin is likely to support this as well. Last week, Putin opposed a ban on cryptocurrencies proposed by the Bank of Russia, arguing that the central bank should not stand in the way of the country of technological progress. He also suggested that Russia could maintain a competitive advantage in crypto mining due to its power surplus, assuming the industry is regulated and taxed.
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Russian Central Bank still wants a ban
So it all seems to be a lot more favorable for the crypto industry than it seemed last week. At that time, the central bank of Russia proposed a total ban.
The Bank of Russia then called for a ban on cryptocurrency transactions, citing concerns over financial stability. It has also called for a ban on crypto mining due to the environmental impact of the energy-intensive process. The bank also urged to ban financial institutions from investing in crypto tokens.
The Bank of Russia expressed its prominence with the piece of crypto-friendly roadmap unveiled this week. It urged stricter restrictions, stating that “it is necessary to to prepare federal law, to impose a ban.
The Bank of Russia cannot implement these strict rules it has proposed on its own, meaning it will have to continue to negotiate with other Russian bodies in the coming months.
