Bank of Russia Sets Out to Regulate Digital Asset Taxation, Exchange, Still Opposed to Crypto – Regulation Bitcoin News

The Central Bank of Russia supports the development of digital financial assets, but remains opposed to the legalization of crypto payments, its top management has reiterated. The monetary authority is now working on a set of regulatory proposals that will be presented to parliament at the end of the year.

The Central Bank of Russia takes legislative initiative in the regulation of digital assets

The Central Bank of the Russian Federation (CBR) intends to submit a legislative package on the regulation of digital financial assets (DFA) to the State Duma, the lower house of parliament. Under current Russian law, the term DFA refers to coins and tokens with an issuing entity rather than cryptocurrencies like bitcoin.

Speaking during Finopolis, a forum dedicated to financial innovations, the bank’s vice president, Olga Skorobogatova, explained that the proposals pursue three main objectives: improve taxes and eliminate tax arbitrage, develop exchange platforms and regulate smart contracts.

The CBR executive highlighted the great interest in the development of DFA in Russia. “We think this is a very good new tool for financial market participants,” he was quoted as saying by cryptocurrency news outlet Forklog.

Skorobogatova revealed that the monetary authority is currently reviewing nine applications from companies seeking to obtain a license to issue and circulate digital financial assets. Three “information system operators” (Sberbank, Atomyze and Lighthouse) have already been authorized to do so, she noted.

Bank of Russia Maintains Opposition to Legalization of Settlements in Cryptocurrency

Meanwhile, speaking in the Duma, CBR Governor Elvira Nabiullina stated that while the Bank of Russia supports the development of digital financial assets, it is against the use of private cryptocurrencies in settlements. Quoted by the Tass news agency, she also insisted that digital financial assets are not just limited to cryptocurrencies, stressing:

We have not changed our position that private cryptocurrencies, for which it is unclear who and how is responsible, that are opaque and carry a high risk of volatility, should not be used in deals.

Discussions about the state of cryptocurrencies and the regulation of the crypto market in Russia have been going on for more than a year. The CBR has traditionally maintained a hard-line position, proposing a blanket ban in related activities such as mining and trade in January.

However, sanctions over the war in Ukraine, including restrictions affecting international payments, have softened their position. In September, the monetary authority agreed with the finance ministry that under current conditions it would be impossible for Russia to do without cross-border deals in cryptocurrency.

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bank of russia, CBR, central bank, crypto, CRYPTOCURRENCIES, cryptocurrency, DFA, DFA, digital resources, digital financial assets, Initiatives, Legislation, proposals, Regulation, Regulation, Russian, smart contracts, Tax, Taxes

Do you think that the Bank of Russia can change its attitude towards domestic crypto payments? Share your thoughts on the subject in the comments section below.

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Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quote: “Being a writer is who I am, more than what I do.” In addition to crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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