[ad_1]
Mikhail Mishustin, the Russian prime minister, raised the issue of cryptocurrencies and the need to protect users during Thursday’s government session, according to a transcript.
Recognizing the growing interest in this “relatively new tool”, Mishustin said the government intends to guide the development of the cryptocurrency market in a “civilized direction” so that users can better protect their “rights and interests”. This would make it more difficult for “shadow schemes” (or scams) to work, he said.
The prime minister explained that the Russian tax code will be changed to call crypto assets as property, which means owners will be able to seek relief in court if they fall victim to illegal activities.
The country’s Ministry of Finance has already suggested a series of additions to the tax code, including the obligation to report cryptocurrency holdings starting from a certain threshold, as well as legal consequences for those who don’t.
Mishustin was named head of the Russian government this spring after leading the country’s federal tax agency for 10 years.
So far, Russia doesn’t have a detailed regulatory framework for cryptocurrencies, but President Vladimir Putin signed one of two bills regulating the issuance of digital securities in the summer and mentions cryptocurrency as a taxable type of property.
