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Russian Government Holds Crypto Regulation-themed Meeting

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11-10-2022

Russian ministers have held a meeting to discuss the crypto regulations to finalize the delayed trials to set policies in the sector. The stand-off between the Central Bank and the Ministry of Finance has challenged efforts to regulate crypto. The reason being the two have different perceptions of crypto legislation.


The only law that ever passed in Russia's State Duma was the law that prohibits cryptos as a payment method. However, the law was dismissed by experts. Meanwhile, Kremlin wants to finalize crypto legislation before the new year.


Ivan Chebeskov, the head of the financial policy department of the Ministry of Finance, said that they are discussing with the Central Bank on legalizing the use of the crypto asset in business.


The two parties have up to the end year to agree on the laws concerning the circulation and issuance of crypto assets. The laws also cover mining regulations and international transactions of crypto assets.