Russia's Cryptocurrency Legislation

In a step towards embracing the cryptocurrency sector, Russia is progressing towards legalising cross-border transactions involving cryptocurrencies, notably Bitcoin (BTC).

Anatoly Aksakov, Chairman of the State Duma Financial Market Committee, disclosed plans to enact crypto regulations by the second half of 2024, marking a recognition of cryptocurrencies in international trade.

Aksakov revealed in an interview that the Russian government aims to pass crypto legislation by March or April 2024, with discussions set to resume in January.

Aksakov expressed his attitude towards the new legislation:

"Because the cryptocurrency market in Russia is quite large. Major players involved in the mining and circulation of cryptocurrencies want this to be regulated; They are ready to pay taxes. Therefore, I expect cryptocurrency legislation to become law in the first half of 2024."

Penalties for illicit cryptocurrency use underscore the government's commitment to a legal and orderly crypto environment.

Crypto Industry Support

Major players in Russia's cryptocurrency ecosystem, involved in mining and trading, express readiness to comply with the new legal framework, showcasing growing acceptance and recognition of the benefits of a regulated crypto market.

A key element of the impending regulation is the legalisation of cross-border transactions involving cryptocurrencies.

Recognising cryptocurrencies as a viable means for international trade, Russia aims to streamline processes and potentially reduce transaction costs by facilitating Bitcoin and other cryptocurrencies in cross-border payments.

Aksakov also mentioned:

"We will exert maximum effort to pass the law in the first reading in March 2024, and in April-May in the second reading. This way, in the second half of 2024, businesses will be able to conduct cross-border settlements with cryptocurrency legally."

Aksakov's announcement provides insight into Russia's commitment, targeting March or April 2024 for legislation passage.

This timeline offers clarity to businesses and individuals on when regulatory changes will take effect.

Russia's Stringent Measures for Security

Russia's forthcoming crypto regulation includes penalties for unauthorised activities, emphasising the government's determination to combat illicit cryptocurrency use.

The aim is to create a secure and transparent environment for users and businesses by establishing a legal framework with stringent penalties.