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Russian Ministry of Finance Proposes Legalization of Cryptocurrency Trading

The cryptocurrency situation in Russia has always raised a lot of questions which can’t be answered. Whether crypto trading will be officially allowed or subject to jail time remains to be determined at this point. Russian media sources claim the Ministry of Finance has drafted a new bill to legalize cryptocurrency trading on organized trading platforms. It’s a rather interesting development, although this proposal will still need to be approved first.

Another Bitcoin Plot Twist in Russia

Over the past few months, we have seen multiple stories regarding the future of cryptocurrency in Russia. It is obvious most government officials do not see eye to eye on this topic. Proposals have ranged from legalizing cryptocurrency to only allowing trading by accredited investors, and even putting exchange operators behind bars for multiple years. It is evident this topic is very controversial in Russia, and there is no official indication as to what the future may hold. Rest assured this is not the last time this topic will be touched upon either.

Earlier this week, Russian news sources claimed the country’s Ministry of Finance had come up with a new approach to tackling cryptocurrencies. In fact, it seems to be the most positive approach regarding this new form of money so far. Do keep in mind this is still merely a proposal and not an official law by any means. Until this new idea receives governmental approval – which seems highly unlikely – the future of cryptocurrency in Russia will remain unclear.

According to reports, the Russian Ministry of Finance is seeking to legalize cryptocurrency trading. The ministry has made reference to “organized trading platforms”, which raises a lot of questions. After all, this seems to indicate that only government-approved exchanges will be used to trade cryptocurrencies. It is unclear if that is actually the case, though, but since no one can answer these questions, speculation will run wild for some time to come. Regardless, it is a rather positive proposal which very few people had expected at this time.

It is not the first time the Ministry of Finance has made an attempt to legalize cryptocurrencies, at least up to a certain degree. Its goal is to see how Bitcoin and other currencies can affect Russia’s economy, without exposing investors to too many risks. Issuing a “pre-approved” list of trading platforms would certainly help achieve both things at the same time. For now, all of this is still in the very early stages of debate, as nothing has been approved just yet.

No one will be surprised to learn the Russian Central Bank isn’t too happy about this development. More specifically, the central bank and Deputy Finance Minister Alexei Moiseyev have both opposed the idea of legalizing cryptocurrency trading. It is this level of friction which makes it very difficult for any cryptocurrency to thrive in Russia. At the same time, Webmoney still uses Bitcoin without any major repercussions. Russia is a very interesting country for cryptocurrency with conflicting opinions regarding this new form of money.

How all of this will play out moving forward is impossible to accurately guess. It seems Russian officials come up with new ways to ban or boost cryptocurrencies every few weeks. While this new proposal is rather positive, it seems highly unlikely it will be approved under existing conditions. Until any of these proposals are turned into law, using and trading cryptocurrency will not be illegal in Russia. It’s also not legal, though, which means users are advised to be cautious when dealing with large amounts of crypto.

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Winklevoss’ Gemini Crypto Exchange Exploring The Lucrative UK Market

While it may not compete with Binance as the largest exchanges in the world, Gemini crypto exchange is certainly among the most renowned. Founded and led by Tyler and Cameron Winklevoss, the exchange has recently had its stablecoin approved and now, it’s eyeing the UK crypto market. According to sources familiar with the matter, Gemini has already hired consultants to advise on the move to the U.K. With London being the European financial capital, the move will give Gemini a great boost in its global expansion especially in the wake of aggressive European expansion by some of the largest crypto exchanges. Targeting The U.K Market Gemini Trust Company has already hired consultants to advise on its entry into the U.K market, the Financial Times reported today, September 24. Citing two sources familiar with the process, FT reported that the exchange, which was founded in 2014, intends to set up shop in the U.K as it seeks to get its piece of the European market. According to the sources, Gemini is also close to filing an application with the U.K financial markets regulators. In the U.K, the Financial Conduct Authority (FCA) has been the most involved in the crypto sector despite lacking the full legal mandate to properly police the industry. In moving to the U.K, Gemini will be competing with San Francisco-based giant Coinbase which has continued to stamp its authority in the European markets with several key moves. Just three weeks ago, Coinbase announced that it had launched support for four new British Pound-altcoin trading pairs. The new trading pairs are meant to consolidate its position as one of the most convenient platforms to purchase crypto with fiat in the U.K. Coinbase also announced last month that it would integrate GBP support into its platform, giving its clients the ability to make same-day deposits and withdrawals. Coinbase has also applied for and received an e-money license from the FCA for its fiat operations as well as partnered with Barclays bank to facilitate easier payment to U.K clients. The U.K crypto market has been largely loosely regulated, with the FCA being the only organization that has made steps to enforce order in the industry. However, this could all be changing soon with U.K MPs urging the government to stamp its authority in the sector to protect investors from fraud and to prevent money laundering. In a report submitted to parliament last week, the MPs urged the FCA to take the lead in regulating the industry “as a matter of urgency.” While most countries have sought to formulate new laws to encompass the new asset class, the MPs advised against it, stating that “bringing crypto-assets into the scope of existing regulation, rather than creating a new framework specifically for the assets, would be the quickest way of doing this.” The report further urged the government to crack down on crypto exchanges in line with new EU anti-money laundering regulations and impose greater KYC requirements. Gemini’s move into the U.K will give it a big boost and could push its daily traded volume significantly higher from the 61st position it currently holds in global rankings. The post Winklevoss’ Gemini Crypto Exchange Exploring The Lucrative UK Market appeared first on NullTX.

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