Russian officials have recently stated that only a small portion of cryptocurrency transactions have illegal purposes, and the use of digital coins in illegal activities is almost always a myth. Andrey Lugovoy, one of the agents working on the new crypto regulations, also said Russia could become a global leader in crypto mining.
Russian developers working on software detection of “dirty” cryptocurrencies
Illegal use of cryptocurrencies is largely a myth, according to member Andrey Lugoboy. walking group About cryptographic regulations in the House of Representatives, the House of Representatives of the Russian Parliament. “According to the largest crypto exchanges, only 4-6% of cryptocurrency sales are involved in illegal activities,” said lawmakers. Said Parlamentskaya Gazeta.
Lugovoy, vice chairman of the Security and Anti-Corruption Commission, said there are effective tools for identifying wallets used for illegal purposes, such as those provided by blockchain analytics firms Chainalysis and Crystal. I pointed out. He added that Russian IT developers are also working on domestic software that can detect “dirty” cryptocurrencies.
“According to experts, cash is used for illegal activities that account for 11-13% of sales,” said the agent. He introduced transparent cryptographic regulations in Russia, Identity The number of digital currency users allows governments to combat revenue concealment.
This week, Congress’s Financial Markets Commission approved an amendment that would allow the Treasury to tax operations using cryptocurrencies. support A proposal from Russian law enforcement agencies regarding the new law on “about digital currencies”. Both laws, along with the “Digital Financial Assets” law that came into force in early 2021, should be adopted during Duma’s spring session to comprehensively regulate Russia’s crypto space.
Andrey Lugoboy in a previous statement, No blankets About crypto-related activities in the Russian Federation. He now acknowledges that there is widespread consensus among Moscow government agencies that cryptocurrencies cannot be used for payments. Bitcoin and others should be defined as property in the new law, he added in his recent interview.
At the same time, Russian authorities have no plans to introduce restrictions on ownership of crypto assets, Duma members emphasized. However, cryptocurrency owners may be obliged to declare their digital holdings to the state.
The legislative amendment also aims to remove millions of “gray” crypto miners from the shadows, Lugoboy said. He emphasizes Russia’s contribution to this market, accounting for nearly 12% of the world’s Bitcoin hash rate and ranking third among miners. Given the country’s cold climate and low-cost electricity surplus, Russia can become a leader in the world’s mining industry, he elaborated.
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