Russian Lawmakers Criticize Moscow for Lack of Crypto Regulation
Russian lawmakers have criticized the government for its failure to regulate the cryptocurrency sector, arguing that this inaction is detrimental to the country’s economy. Lawmakers expressed their concerns during a media event on March 13.
Lawmaker Calls for Crypto Regulation
Artem Kiryanov, the Deputy Chairman of the State Duma Committee on Economic Policy and the head of the Russian Union of Taxpayers, emphasized the need for a law to regulate the cryptocurrency sector. He stated that a significant portion of Russia’s black and gray markets currently rely on cryptoassets and called for regulations to govern their use. Kiryanov also criticized previous bills proposed in the State Duma, claiming that they do not recognize cryptocurrency as a means of payment.
Crypto Regulation Delayed Until 2025?
Despite calls for regulation, reports suggest that top Russian policymakers have acknowledged that crypto regulation may not be implemented until 2025.
Citizens Confused by Crypto and CBDCs
Kiryanov also highlighted the confusion among citizens regarding the Central Bank’s digital ruble and whether it should be considered a cryptocurrency. He clarified that the digital ruble is a different type of asset and should not be compared to cryptocurrencies. Kiryanov expressed concern that this confusion would persist for some time.
Lawmaker Suggests Crypto Declarations
Anatoly Wasserman, a State Duma lawmaker and political pundit, proposed the establishment of a system for declaring cryptocurrency holdings and transfers. Wasserman argued that such declarations would help build trust by addressing suspicions about cash payments made by Russian lawmakers. He noted that while bank-related payments are easily traceable, this cannot be said for cryptocurrency transactions. Wasserman suggested creating a protocol to monitor crypto holdings.
FATF Compliance Rating Downgrade
Russia’s failure to regulate the cryptocurrency sector has already resulted in a downgrade of its compliance rating by the Financial Action Task Force (FATF) this year.
Hot Take: Lack of Crypto Regulation Damages Russian Economy
The lack of regulation in the Russian cryptocurrency sector is causing harm to the nation’s economy. Lawmakers have criticized Moscow for its failure to recognize cryptocurrencies as a valid payment tool and for not implementing regulations to govern their use. The confusion among citizens regarding the Central Bank’s digital ruble further exacerbates the situation. By establishing a system for declaring crypto holdings and transfers, lawmakers believe that trust can be built and suspicions about cash payments can be alleviated. However, Russia’s failure to regulate the crypto sector has already had consequences, including a downgrade in its compliance rating by the FATF. It remains to be seen when crypto regulation will be implemented in Russia, as reports suggest it may not happen until 2025.
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