Mishustin: The government will control the cryptocurrency

From 2021, cryptocurrencies will be legalized in Russia, but under government control and strict restrictionscryptocurrency transactions.

Yesterday at a government meeting, Mikhail Mishustin said that the state should not let the cryptocurrency market drift and plans to protect the holders of digital coins.

"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."

Departments are already developing changes toTax Code, which will come into force together with the law on “CFA”. The Prime Minister also noted that the state considers digital currencies as property and is preparing a legislative framework so that holders of crypto assets can defend their rights in court. 

Moreover, all cryptocurrency operators (exchangers)and exchanges) are required to submit reports to Rosfinmonitoring. This is the only way the state will be able to fully control all cryptocurrency operations in the country, the government is confident. 

In November, changes were proposed toThe Criminal Procedure Code of Russia, which not only clarifies the rules for calculating fines, but also presupposes criminal liability for malicious evaders from declaring digital assets.

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