Anton Siluanov, Russia’s Minister of Finance finds that crypto should be regulated and not forbidden. As local media informs, the politician wrote a letter to the PM, Mikhail Mishustin and proposed to legalize crypto trading via banks.
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Previously, the Bank of Russia issued a paper, suggesting a total crypto ban. The institution said that the industry presents certain risks to the economy. According to Siluanov, banks can be approved to deliver crypto services and rules for licensing. This way, regulators will have access to the information about crypto-related activities and monitor them.
Delivering crypto services without being permission, will be considered a law violation. The Ministry of Finance as well as the CB find that crypto can't be adopted as legal tender in the country.
Siluanov said that currently, Russian residents hold around 2 T rubles ($26 bln) worth of cryptocurrencies, which is a few portion of the entire funds. TheMinister of Finance emphasized the necessity to legalize the funds and tax after the new rules take effect. In a recent meeting with government members, president Vladimir Putin said that Russia has benefits for crypto mining. He asked federal agencies and the CB to establish a framework for regulations.