The Russian Treasury Ministry says it is working to regulate crypto by deploying the country’s infrastructure that moves local crypto markets out of the grey region.
The Russian Treasury has stepped up efforts to bring cryptography into light, along with plans for domestic infrastructure that could move the country’s crypto market out of the shadows, said Deputy Minister Ivan Chebeskov of the TASS Agency, a Russian state-controlled news agency.
“We have not only supported this, but we have worked with the central bank. You know, the Treasury has always been in the position that we need to legalize and regulate the digital currency market to the fullest extent.”
Ivan Chebeskov
The authorities also added that the Russian ministry and the Russian Bank have agreed to implement the changes through an experimental legal system controlled by the regulators, ensuring that the process is “efficient and non-violated.”
“I hope this will be another step towards further legalizing our country’s digital currency. Naturally no one is talking about the settlements within the country. We have never supported it, but in terms of creating infrastructure, we are fully mounted and will continue to work in this direction, rather than the “gray zone” as we do now, so that digital currency can be legally circulated. ”
Ivan Chebeskov
Chebeskov’s comments arise as the Bank of Russia presented its proposal to the government about a regulated framework for cryptocurrency investment set within the scope of a three-year experimental legal system. As previously reported by Crypto.News, initiatives following the directives of the Russian President will allow selected investors groups to trade digital currencies.
According to the proposal, only “particularly qualified” investors (annual income of 100 million people in securities and deposits, or annual income of over 50 million Russian rubles) are eligible to participate.
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