Russia's Minister of Finance Suggests Letting Banks Sell Crypto: Report

Russian Minister of Finance Anton Siluanov reiterated the ministry's stance connected regulating alternatively than banning crypto, and suggested legalizing cryptocurrency trading done banks, Russian paper Kommersant said, citing a missive Siluanov sent to Prime Minister Mikhail Mishustin connected Wednesday.

In opposition to the Bank of Russia, which advocates a prohibition connected crypto, Siluanov suggests banks tin beryllium authorized to supply cryptocurrency speech services and licensing rules volition beryllium introduced for different types of businesses arsenic well. For companies that aren't licensed, providing crypto services would beryllium treated arsenic a transgression offense. Both the Ministry of Finance and the Bank of Russia hold that cryptocurrencies cannot beryllium ineligible tender successful Russia.

The Bank of Russia and Rosfinmonitoring, Russia's anti-money laundering (AML) agency, indispensable person entree to the accusation astir cryptocurrency-related transactions, and the Transparent Blockchain transaction tracking strategy indispensable beryllium used, Siluanov said.

Such an attack would enactment cryptocurrencies connected an adjacent footing with precious-metal accounts successful banks and different regulated concern tools, with obligatory know-your-customer and AML checks for buyers, taxation and regulated fiat on-ramps, Kommersant wrote.

According to Siluanov, Russians ain astir 2 trillion rubles ($26 billion) worthy of crypto, which constitutes a fewer percent of the population's full savings. These funds volition request to beryllium legalized aft the projected caller regulations travel into force, Kommerstant wrote. Mining and overseas cryptocurrency trading platforms volition besides request to beryllium licensed, which volition bring further 180 cardinal rubles of taxes ($2.3 billion), the regulator said.

Several bodies of the Russian authorities earlier agreed connected a roadmap for cryptocurrency regulation, which indispensable beryllium created by the extremity of this year. The determination was prompted by the Bank of Russia, which published an analytical study earlier successful January, calling for a afloat ban connected cryptocurrency trading and mining successful the country.

Russian President Vladimir Putin asked the authorities and the Bank of Russia to find a communal crushed connected cryptocurrency regulation, mentioning that Russia has advantages connected the planetary mining market.