The Prime Minister of the Russian Federation, Mikhail Mishustin, believes that the cryptocurrency market needs to be “civilized” in order to better protect the interests of retail investors and curb fraudulent cryptocurrency transactions.
According to Mishustin, the growing interest in cryptocurrencies is legitimate. However, it also considers this market to be a place that is not very transparent, so it is necessary for the state to intervene in its functioning and give it a clear direction. The state is said to be here to protect the rights and interests of users of digital currencies, and thus reduce the number of frauds, which, according to Mishustin, occur.
At the same time, the Russian Ministry of Finance has already proposed a number of changes and amendments to tax laws, including the obligation to report the possession of a cryptocurrency if its total value exceeds a certain limit. The ministry is also proposing relatively harsh sanctions if the cryptocurrency user or investor fails to meet legal obligations.
The Russian Federation does not yet have a detailed regulatory framework for cryptocurrencies. Vladimir Putin only signed a law in the summer that regulates the issuance of digital securities. Cryptocurrency is mentioned in the law as a type of taxable property.