- Anatoly Aksakov, the Chairman of the Financial Markets Committee, announced plans to legalize cross-border transactions with cryptocurrencies in the second half of 2024.
- Aksakov expressed the intention to experiment with the use of digital currencies among BRICS countries in the years 2025–2026.
- During January meetings, Aksakov emphasized the urgency due to the significant size of the Russian cryptocurrency market.
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Anatoly Aksakov, the Chairman of the Financial Markets Committee, made statements regarding Russia’s crypto plans in 2024!
Russia Contemplates Crypto Expansion in 2024
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In a recent interview with the newspaper Russia Gazetesi Izvestia, Anatoly Aksakov, the Chairman of the Financial Markets Committee, revealed plans to legalize cross-border transactions with cryptocurrencies in the second half of 2024. The initiative aims to utilize the St. Petersburg Exchange platform, and discussions are currently ongoing.
Additionally, Aksakov disclosed the intention to conduct trials regarding the use of digital currencies among BRICS countries in the years 2025–2026. The Russian government also plans to pass crypto regulations in 2024, the report added. Aksakov highlighted the importance of using cryptocurrencies in international payments and stressed efforts to pass the law in the first reading in March and the second reading in April.
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Initially, the discussion of the crypto law was planned for November 2023. However, due to coordination difficulties among government bodies, including the Ministry of Finance, Ministry of Economy, Central Bank, and law enforcement, the process was delayed. Aksakov expressed the urgency during January meetings, citing the significant size of the Russian cryptocurrency market.
Crypto Taxation in Russia
Responding to questions about the scope of regulation, Aksakov confirmed plans to regulate mining, cryptocurrency circulation, cross-border payments, and taxation. In particular, the proposal includes penalties for the illegal use of cryptocurrencies.
Regarding taxation, the Ministry of Finance’s proposal to impose a 20% income tax on miners is under consideration. Aksakov mentioned that this issue is still open for discussion, and there is a possibility of taxing income instead of profits. The collected taxes are expected to contribute to the national budget.
Crypto for Cross-Border Transactions
To support the crypto industry, the State Duma has endorsed a proposal to allow miners to sell cryptocurrency as an export product. Progress in Russia’s crypto regulation is expected to enable businesses to conduct legal cross-border transactions with crypto in the second half of 2024.
Despite challenges, Aksakov remains optimistic about the upcoming legal regulation and acknowledges the evolving nature of the market. Russian companies facing sanctions are already inclined to increase the use of cryptocurrencies in international payments. Comprehensive regulation represents a significant step towards establishing a regulated framework for cryptocurrencies in Russia, aligning with global trends in the digital asset space.