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More Legal Steps Have Been Proposed by the Russian Prime Minister to Bring Order to Cryptocurrency Market

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Nov 27, 2020
More Legal Steps Have Been Proposed by the Russian Prime Minister to Bring Order to Cryptocurrency Market

When it comes to introducing legalities and regulations to crypto-markets, there seems to be no competition for Russia. The Russian administration and regulatory authorities have constantly been making developments and amendments to the crypto-industry.

All of this is being done to regulate the usage of crypto-assets in the Russian economy and give them a legal-asset. Recently, the Prime Minister of Russia has added to the legal recognition of crypto-assets. With his proposal, he has proven himself to be a supporter of the developments taking place in the crypto-industry.

The Prime Minister has also shared his opinion and ideas around the regulations of the crypto-assets in the local market. On the 26th of November, there was a governmental meeting held where Prime Minister Mikhail Mishustin voice his opinion.

The Russian Prime Minister proposed the idea of introducing legal protections for the crypto-assets in the country. He stated that providing asset protection to investors in the local market would hold a significant value in the crypto-industry. This will work positively in the development and growth of the crypto-industry in the entire Russia.

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The Prime Minister’s proposal exerts on the importance of having a civilized crypto-asset industry. In this civilized crypto-asset industry, every investor and dealer will be well aware of their interests and rights. Everyone will know the liabilities of failing to adhere to the regulations and requirements.

Doing this will grant crypto-assets mainstream recognition all across the country. More investors will start shifting towards this platform and this will add significant value to the country’s economic growth.

On top of that, there will be certain aspects present to ensure that all rights and interests are legit and authentic. The system will be stable and will discourage the creation of any shady or Ponzi schemes in the local crypto-markets.

The Russian Prime Minister also had more to add to the proposal for the cryptocurrencies. He proposed making necessary amendments to the Tax Code in the Russian laws. He requested to make Tax Code amendments to accommodate the crypto-assets. He proposed that doing so will grant crypto-assets such as Bitcoin (BTC) a position as property in the Russian law.

Mikhail Mishustin took charge as the Prime Minister of Russia at the beginning of the current year. Right after taking the responsibilities of the Ministry, he commented on the country’s current economic development.

He stated that it is extremely important for Russia to focus on building up an economy that is based on the digital platform. With so much progress going on, the current situation for the crypto-assets seems to be in a dire state in the country. It has been speculated that Russia will be banning crypto-assets in the country at the beginning of the year 2021.

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