Russian Prime Minister Suggests Legal Measures To Regulate Crypto As Property

Mikhail Mishustin, the Prime Minister of Russia has allegedly expressed his support for the further expansion of the local virtual assets market.

At a governmental meeting held today, Mishustin suggested the introduction of lawful defenses for cryptocurrency holders in the nation in order to push the development of the new domain.

As per Mishustin, such an outline would advance the sector in a refined way so that the holders of such assets can shield their rights and interests, while at the same time averting shadow schemes.

As part of the plan, Mishustin suggested modifying the Russian Tax Code to identify digital currencies like Bitcoin as property, mentioning,

“Let’s make a number of changes to the Tax Code so digital financial assets can be recognized as property, and their owners will be able to count on legal protection in the event of any illegal actions, as well as to defend their property rights in court.”

In the meantime, key Russian financial establishments are rushing to initiate digital asset and blockchain-related services overseas. Recently, a subsidiary of one of the biggest banks in Russia, Gazprombank Switzerland debuted its BTC transaction service ensuing regulatory consent by Swiss regulators.