Russia Set Will Set Rules For Cross-Border Payments With Cryptocurrency

Russian Prime Minister Mikhail Mishustin issued an official directive to the cabinet on Tuesday to reach an agreement on crypto legislation in Russia by December 19, 2022.

The prime minister expressly requested that the Duma and other state institutions develop coordinated rules to regulate the issuance and circulation of digital currencies. Mishustin also requested that regulators finalize legislation for cryptocurrency mining and cross-border digital currency transactions.

The draft crypto regulations must be coordinated with the Finance Ministry, central bank, anti-money laundering authority Rosfinmonitoring, Federal Tax Service, and Federal Security Service.

The most recent news provides yet another official proof that Russia is becoming more serious about the use of cryptocurrency for cross-border commerce. Deputy Finance Minister Alexei Moiseev claimed just a week ago that the Bank of Russia was on board with the ministry to legalize crypto for cross-border payments.

According to Maria Agranovskaya, a legal lawyer and fintech expert in the Russian State Duma, Russia could be the first country in the world to allow cross-border crypto payments while banning local crypto payments. direction. And Russia’s plan to distinguish between domestic and cross-border payment cryptocurrencies has yet to respond, Agranovskaya noted:

“This isn’t a common approach, to my knowledge. This distinction is not yet in existence. All foreign crypto is regarded as a digital currency and that’s it for now. It is absolutely unclear at the moment. I presume the matter shall be in line with the currency control regulations — tax residents in the local territory would not be allowed to use crypto for payments internally.”

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