The Russian government confirmed the proposed Minfin concept of regulating the crypto industry.
Related: India introduced a bill regulating crypto activities
According to the official announcement by the government, the industry will be regulated to ensure investor protection. Thus, cryptos will be integrated into the financial system.
The government published a report, analyzing why crypto regulations are necessary and what steps should be taken. Data show that the amount of money that Russian residents put into crypto has been growing over the last years.
Experts found out that Russians opened more than 12 million crypto wallets and the amount of crypto investments is above $2 trillion rubles (around $26.7 bln).
Russian media website RBK writes that Deputy Chairman of the Government of the Russian Federation, Dmitry Grigorenko approved the proposal by MinFin to legalize crypto trading and form a regulatory framework. The Bank of Russia and the Ministry of Finance will introduce a draft bill by February 18.
There have been different proposals and discussions around cryptocurrencies in Russia. In January, the Bank of Russia proposed a total ban, saying that the sector presents certain financial risks. Later, the president of the country Vladimir Putin talked about the crypto industry, mentioning that crypto mining has benefits in the country and emphasizing the need for a regulatory framework. Minister of Finance, Anton Siluanov, wrote that trading of digital assets can be managed through banks.