Russia’s Ministry of Finance is advancing plans to regulate the cryptocurrency market by establishing a legal framework and national infrastructure.
Deputy Finance Minister Ivan Chebeskov confirmed this initiative through a statement to TASS, highlighting the ministry’s commitment to fully legalizing and regulating digital currencies. To achieve this, the Ministry of Finance is collaborating closely with the Bank of Russia to create a structured and compliant approach.
“We not only support this, but we’ve worked together with the central bank. As you know, the Ministry of Finance has always believed that the digital currency market needs to be maximally legalized and regulated.”
He said.
The central bank will implement the proposed regulatory framework under an experimental regime. It aims to create legal infrastructure for cryptocurrency circulation, but domestic cryptocurrency payments will not be allowed.
“We hope this will be another step towards further legalization of digital currencies in our country. Naturally, no one is talking about settlements within the country. We have never supported that, but from the perspective of creating infrastructure so that digital currencies can circulate legally, not in any ‘gray zones’ like it happens now, we are fully on board and will continue working in this direction.”
Chebeskov added.
The Bank of Russia has proposed a regulated framework for select investors to trade cryptocurrencies under a three-year experimental legal regime. This initiative, aligned with presidential directives, permits only “particularly qualified” investors with over 100 million rubles in securities or deposits or an annual income above 50 million rubles. The goal is to create a controlled environment for cryptocurrency investments while limiting retail participation.
Meanwhile, The Bank of Russia also postponed the mass rollout of its central bank digital currency (CBDC), the digital ruble, as authorities work to refine the pilot program and ensure a robust economic framework for banks and their customers.
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