Russian Moves To Legalize Cryptocurrency

The Russian Ministry of Finance has started to draft a bill to legalize cryptocurrency trading at approved exchanges. He is equally working on a list of cryptocurrency that should be traded on their trading platforms.

Some Exchanges Will be Legalized
The Deputy Finance Minister Alexei Moiseev yesterday emphasized on the need for them to legalize cryptocurrency trading on their official exchange. Further, he said that they do not have the intention of regulating or placing a limitation on the cryptocurrency, however, they will interfere a little by placing a little limit just for safety purpose at its price fluctuates. Nothing will happen to those that already have cryptocurrency. His idea is that it is better to trade on an official exchange platform.

List of Legal Platforms Being Discussed
This move for the regulation of cryptocurrencies started towards the end of December last year. Both the minister of finance and the central bank governor worked hand in hand to do so as a result of various comments that were presented on their public council. Mr Moiseev is looking forward to finalizing the bill and submit it to the State Duma in February 2018. As regards the trading platforms that will be approved, Mr Moiseev stated that because of its dices nature, the issue is currently unresolved.

Putin Highlighted the Need for Proper Regulation
Mr Anatoly Aksakov who is the chairman of the State Duma Financial Markets Committee, in his speech stated that the bill on cryptocurrency and ICOs regulation in Russia is expected to be adopted in March. President Vladimir Putin, on the other hand, has given July 1 as the mandated deadline for the regulatory framework of both cryptocurrencies and ICOs. This occurred in a meeting last Thursday, he held with the heads of print media and news agencies. He emphasized that proper “legislative regulation will certainly be needed” for the cryptocurrency market. This is to avoid people from entering into an issue that they might want to hold the government responsible at the long run. He said the regulation is for simple checks and balance.

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