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Cryptocurrency

Special Russian crypto regulation benefits offshore firms

Redwan Eid | Mar. 5, 2019
Special Russian crypto regulation benefits offshore firms

March 5, 2019, | AtoZ Markets - The tax-free zone in Russia, which will also come with mild regulations, is reportedly entering its third stage of examination by the Russian Ministry of Economic Development, as per reports.

The project called “Russian offshores” will benefit digital assets significantly, which will have special regulations for trading, with Russia preparing to invest in cryptos as a key strategy to combat the U.S sanctions.

“It is clear that this is cryptocurrency, but for now we are speaking more generally. Concerning the time-frame for implementing the third set of measures, I am currently not ready to provide a response,” Deputy Minister of Economic Development of Russia, Ilya Torosov told media outlets, in comments on the special regulations cryptos will fall under in Russian Offshores.

Cryptocurrency was ever under the Russian focus since Russian President Vladimir Putin referred the government in the end of February to enforce crypto-related regulation by July 1, 2019.

A regulatory framework for digital financial assets was among the key requirements the legislation should include, as well as attracting greater financial resources based on digital technologies.

Oil-backed cryptos are reviewed this month

This March, the Russian State Duma is supposed to review and adopt new cryptocurrency regulations. This comes with the state’s plans to adopt an investment scheme of oil-backed crypto, as the former Energy Minister Igor Yusufov suggested.

The Russian cryptocurrency law is reportedly at the final stage of processing, and will give the blockchain and cryptocurrency technologies the opportunity to develop.

Introducing a crypto settlement system to the energy market might reduce the costs associated with using unbacked currencies and the fluctuations of their exchange rates, as media resources reported.

It is worth mentioning that Russian Minister of Justice Alexander Konovalov had referred to that it is too early to formalize crypto-related legislation, where both the constitution and current financial system legislation in Russia bans using cryptocurrencies as a means of payment.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.