No one is supposed to ignore the law – Russia is one of the countries that does not joke about cryptocurrency regulations, to the point of being already one of the most restrictive. The future that is reserved for Bitcoin and cryptos risks being in the same line of this strict framework, if we are to believe the last words of the Russian Prime Minister.
Cryptocurrencies, yes … but within the framework of the laws
At a recent meeting of the Russian Federation, Prime Minister Mikhail Mishustin spoke on the hot topic of crypto-assets , and especially their regulation .
Even if it is, for him, out of the question to leave BitQT in a „wild west“ mode without framing, the Russian Prime Minister at least has the merit of wanting their recognition as full assets:
“[Cryptocurrencies] are a relatively new tool, the interest of which continues to grow, and the government plans to guide the development of this market in a civilized manner, so that the owners of these assets can protect their rights and interests ( …) “
A change in taxation to integrate cryptos into the Russian economy
Mikhail Mishustin is keen to avoid the creation of outlawed “parallel systems” that could harm Russia’s economic ecosystem at all costs .
However, the politician confirms the desire to consider crypto-assets as goods , with the legal protections that this brings, but also the resulting tax obligations :
“We should make a number of changes to our tax code. Digital financial assets will be recognized as property there, and their owners will be able to count on legal protection in the event of illegal acts, as well as defend their property rights in court. “
In short, as long as crypto owners stick to the nails – tight and straight – of the law, they can enjoy their assets. On the other hand, for those who would try to get out of the traced path, a new law in preparation provides for fines and even prison terms . This can go up to 3 years of imprisonment if large sums of cryptocurrency are not declared to the Russian tax authorities.
Even if Russia does not want to miss out on the revolution that Bitcoin and cryptocurrency brings, it will not make any concessions. Things will be done properly, and too bad if it greatly damages decentralization and privacy, which were just among the main benefits of cryptoassets.