Russia to Officially Allow Crypto-Exchanges and Exclude the Possibility of Tax Evasion

The Ministry of Finance in Russia supported the legalization of cryptocurrency trading at specialized sites. At the same time, the regulator requires that exchanges have an official status. The plans of the Ministry in this direction were shared by Mr. Moiseev, Deputy Head of the Department. The official noted that the Ministry is working on the creation of the bill, which will take into account all the requirements. “We will not prohibit or apply excessive regulation of cryptocurrency. However, everything should be legal and official,” – said Moiseev. The document is expected to be ready in February this year.

At the same time, the relevant Duma committee prepares a law that will include the need to take into account cryptocurrency savings during the bankruptcy procedure, as well as measures to counteract tax evasion with the help of digital assets. Changes are also expected in the Civil Code – it will specify the possibility of using smart contracts when concluding agreements. The legislature believes that the time has come to bring the legal field in line with the realities of the present, which include, among other things, the widespread use of cryptocurrencies, smart contracts, and blockchain technology.

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