Russia Allows “Non-Residents” to Buy Bitcoin
The Russian government appears to be preparing the ground for Bitcoin (BTC) legalization and cryptocurrency mining as Russia allows “non-residents” to buy Bitcoin.
They have planned a way for miners to sell their tokens to foreign buyers even after the country started a policy of crypto transactions.
Russia allows “non-residents” to buy bitcoin
As reported, the protracted impasse between the Treasury (which favors corporations and very cautious crypto adoption) and the staunchly anti-crypto Central Bank appears to have ended following its direct intervention by President Vladimir Putin. The parties are now said to be voting in favor of a bill that would eliminate anonymity in the crypto sector and force crypto exchanges to register with a new super-regulatory body.
But the political controversy in Moscow has led to mining companies, particularly high-profile industrial miners, making many calls for policymakers to quickly legalize the sector. Miners are caught in a “grey” limbo where their activities are neither illegal nor officially recognised.
Putin mentioned favorable cryptocurrency conditions in Russia — including the country’s vast energy resources, and the country is now considered the second largest bitcoin mining country after the United States.
As a result, the government appears to want to find a way to sell its BTC relatively freely – provided the buyer is not based in Russia.
According to the Interfax news agency, the ministry has submitted a draft that explains this “Non-residents” will “remotely access foreign cryptocurrency exchange operators and cryptocurrency exchanges within the territory of Russia if necessary.”
In addition, the authors of the document state:
“In the case of cryptocurrency formation [khuôn khổ pháp lý cho cảnh sát] in the Russian legal sector and in the Russian financial system, it is very likely that foreign investors will buy the newly created cryptocurrency from Russian miners.”
In any case, according to the proposal, these transactions should be carried out by an unidentified Russian bank.
Additionally, the ministry is reportedly proposing to limit the number of cryptocurrencies available on local platforms to only “the most established and mature cryptocurrencies.”
Russian regulatory adjustments will boost domestic crypto industry
A senior Russian parliamentarian has stated that regulating the industry will help boost the crypto sector in the country.
Alexander Yakubovsky, who is also a member of the Cryptocurrency Regulation Working Group, stated – via the official Telegram channel of the ruling United Russia party in Russia – that the forthcoming law “will give people the opportunity to legally engage in the development of innovations to participate in financial projects and protect them from the actions of scammers.”
He explained that his political party is working “with experts” on “drawing up proposals for the development of blockchain technology” in the cryptocurrency sector.
The Tass news agency further reported that the government said its move would “bring the digital currency industry out of the shadows and create the opportunity for legitimate business.”
“Currently, Russian residents have a significant amount of money in crypto wallets. This applies not only to large investors, but also to private individuals. Therefore, legalizing all crypto-related processes will lead to the status quo, making cryptocurrency investing convenient and safe for them.”
The cabinet has also made it clear that its upcoming bill (expected to be published on February 18) will focus on – and possibly seek to regulate – “protecting the rights of citizens”.
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