Russia Proceeds With Efforts to Legalize Crypto Amid Sanctions Over Ukraine – Regulation Bitcoin News

Russian authorities are working to create a legal framework that allows crypto transactions. The effort, which began before the invasion of Ukraine’s military, continues amid concerns that Moscow might use crypto to avoid expanding financial sanctions.

Expert Council Meets in Russia to Discuss Law ‘On Digital Currency’

Russia continues to attempt to legalize and regulate cryptocurrency operations despite the current situation in Ukraine. To review proposed legislation, a council of experts supporting the Crypto regulatory Working Group at the State Duma (the lower house) is meeting today.

The members of the body will hold discussions on the draft law “On Digital Currency.” The bill was submitted by the Ministry of Finance and reflects its concept on the matter. The treasury section, unlike the Central Bank of Russia supports legalizing this industry within strict guidelines. This approach was supported by other institutions and the federal government.

Bitnalog is a Russian portal that advises Russians about how to pay taxes on their crypto profits and incomes. The Duma has posted a Telegram announcement regarding the meeting. It had been scheduled to be held on Friday. But, the outlet informed its subscribers that it was being rescheduled for Saturday.

Bank of Russia suggested a blanket ban of all crypto-related activities in January. This included use of cryptocurrency in trading and payments. The experts will now try to address its concerns, including highlighted risks for the country’s financial stability and the need to protect investors.

The renewed push to fill regulatory gaps remaining after the law “On Digital Financial Assets” went into force last year, comes amid warnings that Russia might try to use cryptocurrencies to circumvent international sanctions. They include the expulsion of Russian banks SWIFT, and restricting Russian users’ access to cryptocurrency platforms.

The Ukrainian government has increasingly relied on crypto currencies to finance its military operations and address humanitarian needs. Millions worth of digital assets have been given to Kyiv government and other volunteer organizations. Shortly before hostilities began, the Ukrainian parliament adopted a law “On Virtual Assets” to regulate the country’s crypto space.

You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.

Are you positive Russia will legalize cryptocurrencies despite financial sanctions? Comment below to share your hopes and fears.

Lubomir Tatsev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.