A bill to legalize the cryptocurrency trading only at approved exchanges is being drafted by the Russian Ministry of Finance. The list of the approved trading platforms is soon going to be released.
From Regulations to Legalization in Cryptocurrency Trading
Recently, The Russian Ministry of Finance and the bank of Russia presented the bill for regulation of cryptocurrencies. President Vladimir Putin has also mandated a regulatory framework for the cryptocurrencies and ICOs.
A few months back, the Finance Minister, Anton Siluanov was quoted as saying:
“All countries are working to legislatively regulate the use of this financial instrument, and the financial instrument is very volatile, that is, today it has one price, tomorrow another. In order for us not to have so-called deceived investors, regulation is necessary. The Ministry of Finance will prepare such a draft law by the end of the year.”
Now, the Russian Finance Minister is supporting the legalization of cryptocurrency trade on approved exchanges. According to Russian Deputy Minister, Russia doesn’t want to limit and regulate this trade rather set particular limits.
Alexei Moiseev has been quoted as saying:
“This is about the fact that buying and selling [of cryptocurrencies] will be somehow standardized. The general idea is that it will be necessary to buy and sell on official exchanges, as it will be declared, it will be legalized.”
Putin’s views on Cryptocurrency trading
Russian President, Putin has also emphasized on the proper legislative regulation of cryptocurrency market. In a meeting with the head of the news agencies and print media, a local media source quoted him as saying:
“It is known that there is nothing behind cryptocurrency. It cannot be a means of accumulation, there are no material values behind it, it is not provided with anything, it can be, in a certain degree and in certain situations, a means of settlement, which is quickly done and effectively.”
As per Russian Ministry, the list of approved trading exchanges is already in progress. This is the only aspect of the whole bill that is yet to be cleared.
The legalizing of cryptocurrency trading decision came after much speculation on Russia and Putin’s part. Apparently, the decision will assist Russia in liquidity and fraud concerns.
What do you think of Russia’s bill on legalizing cryptocurrency trading on approved exchanges? And what do you think will be the effect of this bill?
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I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.