Russia is gradually changing its attitude over cryptocurrency. In 2021, when cryptocurrency like Bitcoin was banned as a payment method, it seemed that Russia would not move towards Crypto. But now Russia’s Finance Ministry and Central Storage are planning a new Crypto Change, which will only be for super-committed investors.
This move of Russia aims to bring crypto operations into the legal circle and take it out of the ‘Shadow Economy’. If you are interested in knowing other news related to Crypto Change, then our website Crypto exchanges You can study in the section.
New Crypto Exchange for Super-Calified Investors
Russia’s Finance Minister, Anton Siluanov announced 23 April that a new Crypto Change will only be launched for super-default investors. This platform will operate under Russia’s “Experimental Legal Regime” and its purpose will be to regulate Crypto and provide legal security to the invasions associated with it.
Who are super-default investors?
According to Russia’s Central Storage proposal, there will be super-defaulted investors whose net worth is more than 100 million rubles ($ 1.2 million) or whose annual income is more than 50 million rubles ($ 602,000). However, Finance Ministry has made it clear that these criteria are not final and these are still discussed.
Significantly recently Russia announced to launch AI Platform to fight Crypto Crime It is announced by Central Storage of Russia, the main purpose is to control cryptocurrency and financial crimes. This tool will track suspexius transactions especially through OTC Crypto-to-Fiat Services. This initiative is being taken in collaboration with rosfinmonitoring and other financial institutions.
What is Experimental Criminal Regime?
This exchange will not be for general users in Russia, it will be launched in Limited and Control Manor under Experimental Criminal Regime. Its purpose is to see what benefits and risk will be revealed by using Crypto at the limited level.
Crypto’s journey so far in Russia
Crypto in Russia was banned as payment mode in January 2021 after the implementation of the ‘On Digital Financial Assets’ law. But Russia has been focusing again on Crypto for the last few months. After us disallowance on Crypto Exchanges like Garantex, the Russian Authorities has also proposed to create their own StableCoin.
Further plans and challenges
Evgeny Masharov, the member of Russia’s Civic Chamber, has suggested to create a Govt Crypto CapitalTreasury, which will include the cryptocurrency seized from the criminals. Also, the process of change in law is also going on to recognize Crypto as a legal asset.
Conclusion
Russia’s new Crypto Change Plan suggests that the country is now looking at Cryptocurrency as a potential financial tool in Limited and Control Manor. This policy, which is being made keeping in mind the super-defaulted investors, will be a testing ground in a way, which will test the government whether it can be opened for the common people in the future. Russia’s Attitude regarding Crypto will not only give positive shape to the country’s internal crypto strategy, but will also affect the global crypto landscape.
