Ministry of Communications Suggested Creating a Cryptocurrency Exchange in Russia

That Ministry of Communications and Mass Media of the Russian Federation has put the idea of establishing a cryptocurrency exchange in the country out for consideration. The draft law will enable the government to declare and tax income of those who performed a cryptocurrency exchange.

Deputy Minister Alexey Kozyrev stated:

“We proposed to create a platform, so to speak, an exchange house, using which it would be possible to turn a cryptocurrency into a fiat currency, thus, to declare income and pay taxes from it. Operations on this exchange will be transparent for the state.”

According to the draft, there will also be a separation of industrial mining from small-scale activity on the cryptocurrency market. Concrete technical requirements will also be presented to industrial mining representatives, unfortunately, Kozyrev did not reveal the details.

The Deputy Minister of Finance, Alexey Moiseev, informed on 28 Feb that the draft law on the regulation of cryptocurrencies would soon be put forward for consideration by the State Duma.

It is worth mentioning that the Central Bank had earlier expressed support for cryptocurrency mining, including Bitcoin, nevertheless, the financial institution did not approve the incentive of converting the mined cryptocurrency to fiat in Russia.