The Russian Ministry of Finance is taking steps to regulate cryptocurrency activity by introducing national infrastructure aimed at moving the local crypto market out of its current gray area.
MinFin’s Plan to Regulate Crypto
According to Deputy Minister Ivan Chebeskov, Russia’s Finance Ministry is actively working with the Bank of Russia to implement a regulated framework for digital currencies. The initiative, first reported by state-controlled news agency TASS, is intended to legalize and regulate the country’s crypto market to prevent unregulated activity.
“We not only support this, but we’ve worked together with the central bank. As you know, the Ministry of Finance has always had the position that the digital currency market needs to be maximally legalized and regulated.” – Ivan Chebeskov
A Step Toward Legalization, but Not for Domestic Transactions
Chebeskov emphasized that the Ministry of Finance and the Bank of Russia had reached an agreement to introduce regulations under an experimental legal regime, ensuring that the process remains efficient and legally compliant.
“We hope this will be another step towards further legalization of digital currencies in our country. Naturally, no one is talking about settlements within the country. We have never supported that, but from the perspective of creating infrastructure so that digital currencies can circulate legally, not in any ‘gray zones’ like it happens now, we are fully on board and will continue working in this direction.” – Ivan Chebeskov
Regulated Framework for Crypto Investments
The Bank of Russia has submitted proposals to the government for a three-year experimental legal regime to regulate cryptocurrency investments. This initiative aligns with President Vladimir Putin’s directives and would allow a select group of investors to engage in digital currency trading within a controlled framework.
According to the proposal, only “particularly qualified” investors would be eligible to participate. This includes individuals with over 100 million Russian rubles ($1.1 million) in securities and deposits or an annual income exceeding 50 million rubles ($550,000).
Russia’s Evolving Stance on Crypto Regulation
Russia has long maintained a cautious approach toward cryptocurrencies, banning their use for domestic transactions while exploring regulatory measures for international trade and investment. With this new push toward a national infrastructure, the government aims to create a structured and compliant crypto ecosystem, moving away from unregulated market activities.
As regulatory frameworks continue to evolve, this move signals a major shift in Russia’s approach to digital currencies, reinforcing its goal of integrating crypto into a legal and controlled environment.
