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Russia’s prime minister proposes legal steps to bring order to crypto market

Russian prime minister Mikhail Mishustin has appeared to declare support for the further development of the local cryptocurrency market.

According to cointelegraph, during a meeting on Nov. 26, Mishustin proposed the introduction of legal protections for crypto holders in the country in order to contribute to the growth of the new industry.

According to Mishustin, such a framework would expand the industry in a “civilized direction so that the owners of such assets can protect their rights and interests,” while simultaneously preventing “shadow schemes.”

Mishustin stated:

“Let’s make a number of changes to the Tax Code so digital financial assets can be recognized as property, and their owners will be able to count on legal protection in the event of any illegal actions, as well as to defend their property rights in court.”

Mishustin replaced Russia’s former prime minister Dmitry Medvedev in January 2020, whereupon he asked the country to prioritize the development of a digital economy. Nevertheless, the current status of the local crypto ecosystem remains in doubt because the government is planning to officially ban payments in crypto in January 2021. Russian authorities also want to introduce prison terms for failing to report annual crypto transactions of about $600,000.

According to cryptopotato, it’s also worth mentioning that digital assets, and Bitcoin, in particular, are totally popular among the Russian population. The conclusion of a recent study placed cryptocurrencies above gold in respect of purchases during the past 12 months.

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