After Germany and France who are pushing through some regulations of Bitcoin on their markets, Russia is following the lead. According to Russia’s deputy finance minister Alexei Moiseev, buying bitcoin and other cryptocurrencies will be legal in the country soon.
Even though Moiseev said that ‘the Russian government won’t outlaw or punish buying or selling cryptocurrencies’, it is clear that Russia is going in the direction of regulating Bitcoin. However, Moiseev has been stricter towards mining and suggested a mandatory registration of cryptocurrency miners who would be limited to ‘legal entities and individual entrepreneurs’.
According to Moiseev, ” The penalties will be different, mostly administrative, but if someone created the cryptocurrency for the purpose of settlements, then there will be a criminal punishment.”
So, operators who mine cryptocurrencies for the creation of a financial pyramid or the purpose of avoiding tax will see criminal penalties, just like everyone who picks up a shortcut to avoid fees, taxes etc.
Moiseev also stressed that buying and selling of bitcoin would be legal in Russia. It all began with a mandate from Russian president Vladimir Putin towards the development of a regulatory framework for initial coin offerings (ICOs) and cryptocurrency mining in Russia. However, rumors say that Putin reportedly signed off on mining and supply of cryptocurrencies in general.
The regulators of cryptocurrencies in Russia are also drawing plans or limiting the crypto purchases. One early draft calls for a maximum limit of 100,00 rubles ($1,750) per individual. However, a top limit of 600,000 rubles ($10,370) is also being considered.
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