Russian Policy Chief: Crypto Impossible To Regulate, Let’s Block It

Bitcoin Cryptocurrency Regulation Russia

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:54 EDT

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The man charged with overseeing Russia’s long-awaited crypto regulations said that new legal amendments will be ready “in about a month” – but hinted that Moscow may now seek to “block” cryptocurrency-related activity rather than police it.

Speaking to media outlet RBC, Anatoly Aksakov, the head of the State Duma Committee on Financial Markets, stated that a “decision” on new legal changes would be forthcoming by the end of October.

The media outlet quoted Aksavov as stating that an already-approved piece of legislation that comes into force on January 1, 2021, “creates the opportunity for active use, including crypto-instruments, stablecoins and smart contracts.”

However, he added,

“But I would now seek to impose limits on everything related to [cryptocurrencies]. It’s a market that is exceptionally difficult – in fact, impossible – to regulate.”

The committee chief added that “everything related to [cryptocurrencies] must be “blocked”.

Aksakov also made note of controversial new leaked proposals from the Ministry of Finance, which could see Moscow impose strict restrictions on transactions made using crypto. The ministry’s plans would see all crypto holders in Russia legally obliged to report their holdings in annual reports to tax authorities – or risk being fined 30% of the worth of the tokens they hold.

An expert familiar with the matter yesterday told Cryptonews.com that the leaked proposals amounted to little more than “testing the waters” to gauge public and industry reaction.

And although Aksakov expressed positivity in reference to the Ministry of Finance’s crypto plans, he added that “there are other options that also require consideration” – an indication that the matter is still very much up for debate.

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Learn more: Russian Ministry’s Crypto Mining Plans ‘a Cause for Concern’