Bitcoin Forum

Russia Drafts Bill to Legalize Cryptocurrency Trading on Approved Exchanges

The Russian Ministry of Finance is drafting a bill to legalize cryptocurrency trading at approved exchanges. The ministry is already preparing a list of approved trading platforms.


The Russian Deputy Finance Minister Alexei Moiseev told reporters that his ministry “supports the legalization of trade in crypto-currencies on official exchanges,” RNS reported on Thursday.

“We do not want to limit and regulate, but we will set some limits,” he emphasized, adding that “nothing will happen” to those already possess cryptocurrencies, the publication conveyed. The deputy minister was further quoted saying:

This is about the fact that buying and selling [of cryptocurrencies] will be somehow standardized. The general idea is that it will be necessary to buy and sell on official exchanges, as it will be declared, it will be legalized.

More info: https://news.bitcoin.com/russia-drafts-bill-legalize-cryptocurrency-trading-approved-exchanges/

There is nothing bad in legalising in Russia. But there are always a lot of stupidness in the process and in the results of it in our country.
Main quote is fantastic: we dont want to, but we will...

As I wrote multiple times before, crypto currencies are a chance for a lot of, mostly not industrialized or small countries, to become a leader into a new economy sector. Today, it is nearly impossible for those countries to get up to the industrial countries in North America, Western Europe or East Asia and to achieve their wealth. Legalizing and regulating crypto currencies businesses is an unique chance.

I don't agree with you. Cryptocurrency can't do a backward country is rich. Capital will flow into a rich country but at the initial stage, poor countries can really get a chance to get out of poverty. Without a strong economy, any country is doomed. At the head of these countries is kleptocratic government, and without change there is no currency will save the country.

Any news on the korean situation ?

I still don't buy it. I will only believed is this is really enacted by the Russia government. They have been contradicting themselves, and for one they ae not crypto friendly that's why they have their government back crypto. I would love to see them joining the picture, but how many times have we read that they suddenly opposed each others statement? And it ever those trading platforms legalized, it will be purely centralized with total control from the government specially for tax purposes. I don't know if Russians are totally sold about it. Let's see in the coming days if this so legalization by the Russian government will holds true. This news might bring some movement in the price of bitcoin.

Just like I don't believe them to take actions against cryptos, I don't believe them right now when it seems rather positive. It's the same nonsense we have seen them come up with as in the last few years.

Proof is needed, and proof means actually implementing these measures, and as long as that isn't happening, no one should take this for granted. Russia and crypto haven't exactly been a trustworthy combination.

At least the only positive thing here is that it's not a negative article. People have reached a point (quite some time ago already) where they don't take these articles serious anymore, and rightfully so.

And you are most likely right. Putin has just said that they are not going to make any rush decisions on crypto. Which means enactment of any laws regarding cryptocurrencies will be postponed till summer at the very least. Basically, the Russian government is taking wait-and-see approach. It is also rumored that Russian officials are not required to declare their ownership of crypto to the local tax service.

This means that Bitcoin is effectively tax-exempt in Russia.