Russia to Legalise Crypto Soon – Minister

Written by C, Fiona

Last updated: 2022-05-20

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Trade Minister Manturov said that Russia could soon legalize crypto.

The crypto legalization in Russia seems to be just a matter of time.

According to the Minister of Industry and Trade, Denis Manturov, crypto payments in Russia will be legalized since the central bank and the government are “actively dealing” with the issue. The what, when, and how of regulation is still up in the air, although it is going to happen one way or another, said Manturov. He added:

“It has to be in a legal and correct manner and according to the rules, which will be set.”

Russian lawmakers are currently working on regulations for mining and trading cryptocurrencies. Despite the central bank’s longstanding opposition to legalizing crypto in Russia, the country’s financial authorities eventually came round to crypto’s utility — even if it may not have been completely voluntary.

Russia’s Ministry of Finance has been in favor of regulation over prohibition and eventually got its way, although details are still being discussed. For example, Russian state security services want to have a say in the details of regulation. The taxation of cryptocurrencies is another issue that is yet to be resolved.

With the central bank’s governor, Elvira Nabiullina, dropping her resistance to crypto legalization — saying her previous resistance to cryptocurrencies was too harsh — it appears that crypto legalization will happen soon. Legislation could already be introduced this year.