Russia Will Streamline Crypto Trading Says Prime Minister

The Prime Minister of Russia, Mikhail Mishustin, has promised to streamline the cryptocurrency currency market by taking it in a civilized direction to prevent fraud and protect user interests. They will do this by classifying cryptocurrencies as property subject to tax. As revenue generators, users are protected against scammers in a court of law. 

Details: 

Despite its economic strength, there are no clear cryptocurrency rules in Russia. For clarity, it is legal to own and trade cryptocurrencies in the country. However, cryptocurrencies are not legal tender. Despite various proposals, some of which have been passed by Vladimir Putin, traders and crypto businesses remain in flux without regulatory guidance. The latest proposal will force crypto investors and traders to report to tax authorities if their annual cumulative transactions exceed 600,000 rubles. Similarly, crypto exchanges and miners were supposed to report their transactions to Rosfinmonitoring, Russia’sFederal Financial Monitoring Service. Still, clearer laws should be laid out for customer protection to prevent scams; overly helping the scene grow.

Impact on Crypto Prices: 

Bullish. With better laws, cryptocurrencies will benefit from investor confidence. They will likely re-consider the asset and channel new capital, deepening the sphere’s liquidity.

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