Moderate steps continue to be taken towards the crypto sector in Russia, where the use of Bitcoin (BTC) and cryptocurrencies in international trade is discussed.
At this point, Anatoly Aksakov, Chairman of the State Duma Financial Market Committee, said in an interview with Russian Newspaper Izvestia that they plan to legalize cross-border transactions with cryptocurrencies by the second half of 2024.
Stating that the Russian government plans to issue a crypto regulation in 2024, Anatoly Aksakov drew attention to the importance of using Bitcoin and other cryptocurrencies in international payments.
Aksakov said that they will try to pass the law in March or April 2024.
“We will meet with the relevant parties again in January and discuss the regulation of cryptocurrencies.
Because the cryptocurrency market in Russia is quite large. Major players involved in the mining and circulation of cryptocurrencies want this to be regulated; They are ready to pay taxes.
Therefore, I expect cryptocurrency legislation to become law in the first half of 2024.”
Answering other questions about the regulation of cryptocurrencies, Aksakov confirmed Russia's plans for cryptocurrency mining, circulation, use in cross-border payments and taxation.
Aksakov pointed out that the law specifically includes the introduction of penalties for the illegal use of cryptocurrencies.
*This is not investment advice.
