Russia’s attempts to establish clear legislation on digital assets continue. During a recent meeting that was primary focused on the COVID-19 consequences on the country’s economy, Prime Minister Mikhail Mishustin made a few remarks on cryptocurrency regulations.
Mishustin called them a “relatively new tool, the interest in which is constantly growing.” As such, he believes that the world’s largest country by landmass has to put into motion a plan to steer the market in a “civilized direction.”
Russia’s Prime Minister, who took the job in January 2020, asserted that these regulations need to protect the rights and interests of digital asset investors. Simultaneously, they need to prevent the “creation of shadow schemes.”
Mishustin proposed a “number of changes to the Tax Code” in regards to cryptocurrencies. He doubled-down on a previous assertion that digital assets should be recognized as property. Thus, their owners “will be able to count on legal protection in the event of any illegal actions, as well as defend their property rights in court.”
Russia’s Prime Minister Mikhail Mishustin. Source: Euronews
Russia already has a complicated history with cryptocurrency regulations. Earlier this year, the nation’s government proposed harsh legislation that envisioned even prison time for investors in some extreme cases.
More recent propositions sought prison sentences for failing to disclose bitcoin and other cryptocurrency transactions.
It’s worth noting that digital assets, and Bitcoin, in particular, are quite popular among the Russian population. The conclusion of a recent study placed cryptocurrencies above gold in terms of purchases during the past 12 months.