The Russian government is considering digital assets which are quite evident from the Prime Minister’s announcement. Mikhail Mishustin, the Prime Minister of Russia, has announced that the government is planning to treat all the digital assets like property. Through this, all the Russian crypto owners will be able to claim property rights for their crypto in courts.
The Russian government took this step as recently people are showing great interest in cryptocurrencies and are adopting rapidly. With this announcement, the government is hoping to regulate the crypto market of the country appropriately. The government is also planning to give protection to crypto holders by amending Russia’s tax code.
Russian Government Believes Digital Assets Needs Strong Regulatory Framework
The Russian government has stated that as digital assets are quite recent ones in the market, there is a need for a proper and strong regulatory framework for them. This is because they are hoping to protect the rights of crypto holders with a better regulatory framework.
The official statement reads:
“The interest in cryptocurrencies is constantly growing, and the Government plans to direct the development of this market in a civilized way so that the owners of such assets can protect their rights and interests, and the creation of shadow schemes was difficult.”
Russia Struggling with Crypto Regulatory Framework
A few months back, the Russian government approved the Digital Financial Assets and Digital Currency Act. Despite this, the country is facing difficulties with the crypto regulatory framework and not sure about the treatment of crypto assets. By making new amendments, the country is hoping to build a more favourable environment for cryptocurrencies. This will also lead to greater crypto adoption across the country as people will feel more confident about investing in crypto with a proper regulatory framework that also takes care of consumer protection.