Russia Edges Closer to Crypto Regulation as Ruling Party, Energy Ministry Push for Legislation
Crypto regulation is likely to come sooner rather than later in Russia, leading politicians hope – with the ruling United Russia party throwing its weight behind legislative proposals and the Ministry of Energy voicing its support for crypto mining.
Most of the government and the majority of lawmakers are thought to be firmly behind an updated proposal from the Ministry of Finance. The ministry has formulated a draft law that would seek to impose strict regulation on the crypto sector – both for companies involved in the space and private investors. Many ministries have had their say on the bill, first drafted in February, and MPs are now hopeful of debating it in the State Duma before the summer recess begins at the end of July.
But the Central Bank remains opposed to crypto. Although it has recently shown signs that it could be prepared to make some small concessions, it has warned that any “legalization” of crypto would lead to a creeping “cryptoization” of the Russian economy.
But Comnews reported that with United Russia’s leadership behind the bill, the Central Bank is finding itself increasingly isolated in its hardline position. Regardless, its refusal to back down easily will see key provisions inserted into the bill to the extent that “it will be virtually impossible to use” crypto in Russia.
A further wrinkle was also anticipated in the form of international sanctions: the media outlet wrote that while cryptoasset ownership will likely be legalized, major international crypto exchanges and even the “issuers of cryptocurrencies” will “block access to Russians.”
Regardless, Anton Nemkin, the head of the United Russia Party’s Digital Russia initiative, claimed that the bank and the ministry would “quickly come to an
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