The Russian Government has made a great move towards the final recognition of the flagship cryptocurrency bitcoin as a legal property protected under law.
This comes as a huge relieve for many crypto investors who are hoping to see multiple recognition accorded the fast rising digital exchange commodity.
The prime minister had released a statement in that regard.
“The government plans to direct the development of this market in a civilized direction so that the owners of such assets can protect their rights and interests, and the creation of shadow schemes would be difficult.” In order to achieve this, Mishustin said, “Let’s make a number of changes to the tax code,” he opined.
Russia will begin regulating the cryptocurrency next year; President Vladimir Putin signed the crypto bill into law in August. However, Russian lawmakers are still trying to add to the bill.
What you must know.
In November, the Russian Ministry of Finance developed new amendments to the crypto regulation, introducing new rules and penalties for unreported and underreported cryptocurrencies.
What you should know.
Currently in Russia, the government are indifferent about whatever cryptocurrency transactions going on and as such citizens are not being protected in cases of scam that may arise and non could approach the court to seek for redress because it’s unknown to Russian laws.
What this means.
This means going forward, the Russian courts would be entertaining cases of fraud or tax problems that may arise from cryptocurrency failed transactions.
Hence, digital financial assets will be recognized as property, and their owners will be able to count on legal protection in the event of any illegal actions, as well as defend their property rights in court.