The Russian Prime Minister is proposing legal measures to bring order to the cryptocurrency market

The Russian Prime Minister, Mikhail Mishustin appeared to be expressing his support for the further development of the local cryptocurrency market.

At a recent government meeting on November 26th, Mishustin proposed introducing legal protections for cryptocurrency holders in the country to help grow the new industry.

According to Mishustin Such a framework would “civilize” the industry so that the owners of such assets can protect their rights and interests while avoiding “shadow programs”.

The Russian Prime Minister is proposing legal measures to bring order to the cryptocurrency market
The Russian Prime Minister is proposing legal measures to bring order to the cryptocurrency market

As part of the plan, Mishustin proposed changing Russian tax laws to recognize cryptocurrencies like Bitcoin (BTC) as property.

“We’re making a number of changes to the Tax Code so that digital financial assets can be recognized as property and their owners can get legal protection in the event of an illegal act and defend their property rights in court.”

Mishustin replaced the former Russian Prime Minister Dmitry Medvedev in January 2020. He then called on the country to give priority to developing a digital economy. But still, The current state of the local crypto ecosystem remains in doubt as the government plans to officially ban payments in cryptocurrency in January 2021. Russian authorities also want to introduce prison sentences for failing to report annual crypto transactions of around $ 600,000.

Meanwhile, Major Russian financial institutions are rushing to introduce cryptocurrency and blockchain-related services abroad. On November 19, Gazprombank Switzerland, a subsidiary of one of Russia’s largest banks, presented its Bitcoin transaction service following official approval from the Swiss supervisory authorities.

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