Russia To Legalize Bitcoin; Regulatory Draft Arriving by Feb. 18


From its plans to ban digital assets to integrate crypto into its financial system, Russia has taken a 180-degree turn on its crypto policy.

The Russian government is working on an arrangement wherein the distribution of digital assets will happen only through banking systems or licensed intermediaries.

Any transactions conducted outside this legal sector will be a criminal offense.

There will be heavy fines for illegally accepting crypto as a means of payment.

Interesting one of the major goals of Russia’s crypto policy shall be integrating digital assets in the country’s own financial system.

The government said that this will ensure the rights of ordinary private investors while preventing the use of digital assets in financial crime.

It will be interesting to see Russia’s legal standing on crypto with more details coming ahead this month.