Russia’s MinFin says it wants to curb unregulated crypto activity with national infrastructure

The Russian Ministry of Finance says it strives to regulate the crypto by deploying national infrastructure that would move the local cryptography market in the gray area.

Russia‘S MINISTRY OF FINANCE IS STEPPING UP EFFORTS TO BRING Crypto Into the Light, with plans for National Infrastructure That Could Move the Country’s Crypto Market Out of the Shadows, Says Deputy Minister Ivan Chebeskov, Russia’s State-Controlled News Agency Tass Agency reports.

“We not only support that, but we worked with the central bank. As you know, the Ministry of Finance has always had the position that the digital currency market must be legal and regulated. »»

Ivan Chebeskov

The official also added that the Ministry and the Bank of Russia had agreed to implement changes through an experimental legal regime, managed by the regulator, ensuring that the process would be “effective and without violation”.

“We hope that it will be another step towards a more in -depth legalization of digital currencies in our country. Naturally, no one talks about colonies in the country. We have never supported this, but from the point of view of the creation of infrastructure so that digital currencies can circulate legally, not in any “ gray areas ” as it occurs now, we are fully on board and will continue to work in this direction. “”

Ivan Chebeskov

CHEBESKOV’s comments are intervened as the Russian Bank presented proposals to the government for a regulated framework on cryptocurrency investments, established in an experimental legal regime of three years. Like crypto.News reported Earlier, the initiative, which follows the directives of the Russian president, would allow a limited group of investors to exchange digital currencies.

According to the proposal, only “particularly qualified” investors – those who have investments more than 100 million Russian rubles in securities and deposits or an annual income exceeding 50 million Russian rubles – would be eligible to participate.