Russia Vows to Protect the Rights of Crypto Holders

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In Brief
  • Russian Prime Minister Mikhail Mishustin has assured cryptoholders about the legal protection of crypto assets.

  • The government will try to keep crypto on a “civilized course” of regulation.

  • Those who hide their crypto from the government could face up to three years in prison

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Russian Prime Minister Mikhail Mishustin has assured cryptoholders about the legal protection of crypto assets. The government will try to keep crypto on a “civilized course” of regulation.

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The latest session of the Russian Government brought some supportive news for crypto. The prime minister of the Russian Federation, Mikhail Mishustin, has declared that Russia will follow a “civilized” approach to crypto regulation. The Russian Government will try to nurture a domestic market for cryptocurrencies officially.

Despite a complicated past with crypto, the Russian Government will attempt to grow a regulated market for legal crypto assets. Mishustin believes that lawmakers can find a legal and worthwhile framework for cryptocurrencies. He said:

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“the government plans to direct the [crypto] market on a civilized course so that owners of such assets can protect their rights and interests, while making shady projects more difficult to create.”

Digital Property Adoption

The announcement came as part of a new series of changes to the tax code. According to the prime minister, crypto assets will be considered property. Therefore, hodlers of crypto assets can count on the protection of their crypto under the law, “in case of any illegal action.”

Mishustin has long been a supporter of digitalizing any and all parts of the Government. In January 2020, he spoke at the “Digital Almaty” conference about rethinking the Government’s roles in a time of digital transformations. At the time, he suggested that the Russian Government would try to support a digital ecosystem for the lives of everyday people.

More recently, Mishustin again expressed support for the digitization of public life. During a public discussion, the leader underlined the importance of digital trends and digital platforms, “in the best sense of the word.”

This trajectory has continued even after Mishustin left his post as the head of the Russian tax service. BeInCrypto Russia has reported that the Russian Ministry of Finance has expressed an interest in using new blockchain technology to transfer money and protect against financial and identity fraud.

In September 2020, provincial elections were held using blockchain, resulting in verified, remote voting. At the time, officials said the voting went off without a hitch.

Detractors

Despite Mishustin’s dedication to digital development, some lawmakers continue to put pressure on the fintech industry. This includes a six-month sentence in the case of undeclared crypto assets worth more than 15 million rubles (~$198,000).

An even heavier sentence would go to those who tried to hide 45 million rubles (~$594,000) worth of crypto. Doing this twice in three years would result in a three-year prison sentence.

 

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Harry Leeds is a writer, editor, and journalist who spent much time in the former USSR covering food, cryptocurrencies, and healthcare. He also translates poetry and edits the literary magazine mumbermag.me.

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