Russia Set To Recognise Digital Assets As Properties
The Russian government has been making frantic efforts to regulate the crypto market across the country in the last few years and has announced another regulation. According to the latest statement by the Prime Minister of the European country, Mikhail Mahustin, the government plans to treat digital assets like property, thereby regulating the crypto space in a civilized manner. Furthermore, the Prime Minister said that once the country begins to recognize digital assets as properties, users will be able to protect their property in any Russian courts in the country.
Russia to make changes to crypto tax laws
According to the report of the meeting held on November 26, the Prime Minister noted that the rate at which adoption of digital assets in the country is multiplying, and the government is looking for ways to regulate it. In this vein, the government wants to create this guideline to see the crypto industry regulated in a civilized manner to curb the industry’s excesses.
Furthermore, the Prime Minister also mentioned that the government is seriously considering making changes to Russia’s tax codes, which is a move to protect users and investors in the crypto industry. Mishustin assumed the office of the Prime Minister at the beginning of January 2020 after leaving his post as the Director of the Federal Taxation Service, where he served for ten years.
Notably, the Prime Minister has a background in economics from his university education, hence, his background knowledge in taxation. He noted that the country has failed to establish a strong crypto regulation in the last few years because the digital assets were new to them. The government wants to issue a robust framework that will be accepted by all across the country and protect the holders of crypto.
The Russian government wants to remove uncertainty from crypto regulations
According to the report from the meeting that took place, the members noted that the interest of various parties across the country in digital assets is constantly increasing. The government wants to enable the development of the crypto market in a civilized way, so the users’ rights and interests can be protected at all times.
The report also mentions that the previous creation of shadow schemes has been difficult on the part of the government. Russia has struggled to adopt a process to regulate crypto over the years with the latest crypto regulatory framework.
Even though the country recently approved the Digital Financial Assets and Digital Currency Act at the beginning of the year, it is not satisfied with the framework. Earlier this year, a previous report by news outlets claimed that the Ministry of Finance announced a sanction for entities and individuals under-reporting their crypto holdings. This latest move shows that the government is trying to change the uncertainty regarding the regulation of crypto assets.
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