In a recent government meeting, the Russian Prime Minister Mikhail Mishustin talked about Russia’s plans for cryptocurrency regulation alongside other initiatives to fight against the spread of the coronavirus pandemic. After outlining several solutions, the Russian government has come up with, Mishustin said, “Another solution concerns cryptocurrencies.” He added that “This is a relatively new tool, interest in which is constantly growing.” The Russian government would see cryptocurrency as property in the country.
Treating cryptocurrency as taxable property is not official yet.
There have been discussions among lawmakers to treat bitcoin as taxable property, but it is not yet official. The Russian Prime Minister said, “the government plans to direct the development of this market in a civilized direction so that the owners of such assets can protect their rights and interests, and the creation of shadow schemes would be difficult.” He added that digital financial assets would be recognized as property, and their owners will be able to count on legal protection in the event of any illegal actions and defend their property rights in court. Different courts in Russia have made their own decisions whether to recognize the cryptocurrency as property.
Crypto regulations remain in the grey area.
Cryptocurrency regulations in most countries are still in a grey area as lawmakers continue to issue guidelines and propose regulations. Crypto-related regulations remain a hot topic in the crypto community as lawmakers worldwide try to tackle the newly emerging space. Currently, crypto regulations in most countries are in a grey area. However, lawmakers and financial regulators are working to ensure decisions are made for the public interest. The Russian President Vladimir Putin signed the crypto bill into law in August that would regulate cryptocurrency next year.