The Russian monetary department intends to utilize the national framework to control uncontrolled crypto actions.
According to reports, the Russian Ministry of Finance is developing a strategy to regulate virtual currencies through the introduction of national infrastructure. The goal of this action is to bring the local virtual currency market out of the “gray zone” and into the open.
According to a story by TASS, a Russian state-owned news agency, the Ministry is increasing its efforts to build a national infrastructure that would legitimize virtual currency operations. Deputy Finance Minister Ivan Chebeskov stated that this project has the potential to move the country’s virtual currency market out of the shadows.
Chebeskov emphasized the Ministry’s dedication to the project, stating that they are working with the Central Bank. He reiterated the Ministry’s long-held stance that the digital currency market must be legalized and regulated to the greatest extent possible.
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The official added that the Ministry and the Bank of Russia have decided to implement these changes through an experimental legal system managed by regulators. This strategy seeks to ensure that the process is efficient and free of violations.
Chebeskov expressed optimism that this would be another step toward further legalizing digital currencies. He clarified that domestic settlements using virtual currency are not being considered, a position the Ministry has consistently maintained. However, he emphasized that the Ministry fully supports the creation of infrastructure for the legitimate circulation of digital currencies, rather than allowing them to operate in a “gray area” as they currently do.
Chebeskov’s remarks follow the Bank of Russia’s submission to the government of a proposal for a regulatory framework for virtual currency investments. This framework would be implemented within a three-year experimental legal regime. As previously reported, this initiative, which follows the instructions of the Russian President, would allow a select group of investors to trade digital currencies under supervision.
As stated in the plan, only people whose assets are more than 100 million rubles in stocks and bonds, or those who have an annual salary of more than 50 million rubles, will be considered “especially qualified” investors who are eligible to participate. The goal of this special level is to make sure that only people with significant financial means and experience can take part in higher-risk investment options.
