Russia to Legalize Cryptocurrency Trading on Approved Exchanges

News and Analysis

Following the presentation of a drafted bill to place regulations on the usage of cryptocurrency in Russia on December 28, a list of approved cryptocurrency trading platforms is being developed by the Russian Ministry of Finance.

Alexei Moiseev, Russian Deputy Finance Minister, told reporters that the Finance Ministry “supports the legalization of trade in cryptocurrencies on official exchanges.” According to Moiseev, the Finance Ministry “[does] not want to limit and regulate, but we will set some limits.”

Moiseev concluded that the bill is intended to make the crypto landscape in Russia more stable.

“This is about the fact that buying and selling [of cryptocurrencies] will be somehow standardized. The general idea is that it will be necessary to buy and sell on official exchanges, as it will be declared, it will be legalized,” Moiseev said.

The bill responsible for the proposed legalization was originally conceptualized in April of 2017, when the Russian government decided that an official bill containing laws regarding the regulation of cryptocurrency was necessary.

The draft of that first bill was set to be reviewed in October. According to Moscow State of International Relations Professor Elina Sidorenko, who was in the working group responsible for drafting the bill, the bill was pushed back for a number of reasons–most of them having to do with conflicting ideas about what purposes the laws should serve.

Following the Kremlin’s publishing of five official orders to regulate certain aspects of cryptocurrency in October, lawmakers finally met to discuss the draft of the bill on December 28, 2017.

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