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The Ministry Of Economic Development Of The Russian Federation Stands For A Controlled Cryptomarket

11 June 2020 16:21, UTC
The Ministry Of Economic Development Of The Russian Federation Stands For A Controlled Cryptomarket
By Anna Martynova

Recently, the regulatory landscape of the cryptomarket around the world has noticeably changed. Many countries have sought to create a specific legal framework that is convenient both for the crypto industry and for those associated with digital assets. Someone managed to successfully implement and follow the established rules, someone is still working on it.

Thus, the Russian Ministry of Economic Development criticized a package of bills recently submitted by lawmakers. If a prohibition law is passed, Russia will create its first regulatory regime for crypto and digital assets, but at the same time it will “effectively” prohibit any business that promotes the development of cryptocurrencies. This can lead to an outflow of specialists, as well as criminalization of the financial market.

The Ministry believes that it is necessary to provide protection for those citizens who are interested in cryptocurrencies and buy them, and it is also necessary to change the approach and work on creating a regulated cryptomarket. Thus, it will be possible to protect the rights of citizens and reduce possible damage to the country's economy.

Image courtesy of TV Zvezda



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