Reports have emerged that the Russian Ministry of Finance has confirmed it will be bringing in bitcoin under the regulatory umbrella through a sweeping regulatory law that will cover many facets of cryptocurrencies like bitcoin in Russia.
Russia’s finance minister Anton Siluanov said in an interview with state-owned television broadcaster Rossiya 24 that a draft law on a regulatory framework for cryptocurrencies is already prepared. The regulation, as expected, will cover bitcoin mining rules, taxation laws for adopters and guidelines for exchanges selling cryptocurrencies.
The draft law is being considered by the ministry as of now. This law will govern the procedure for issuing, taxing, buying and circulation of cryptocurrency.
The minister also confirmed that the government is working on bringing amendments to Russian legislation toward the broader regulation of new financial technologies and digital payments.
The developments are a remarkable contrast to legislation proposed by Russia’s Finance Ministry as recently as March 2016. At the time, the ministry proposed a 7-year prison sentence for bitcoin adopters and users.
Earlier in September, Siluanov called for the Russian government to accept and understand “that cryptocurrencies are real.”
The new laws, in its draft, is expected to be submitted to the State Duma (the lower house of the Russian Parliament) tomorrow before its anticipated adoption sometime in March 2018. The new laws were fast-tracked by authorities following Russian President Vladimir Putin’s mandate to develop regulations for cryptocurrencies, mining and initial coin offerings (ICOs).
The amendments to existing Russian laws to recognize cryptocurrencies will also aid in the prepping for the launch of Russia’s own national cryptocurrency – the CryptoRuble.