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Russian Government to Take Regulatory Steps to Harmonize Crypto Market.

Prime Minister of Russian has suggested that crypto should be recognized through the nation’s tax code. Mikhail Mishustin, the prime minister, has also expressed his support to the development of the cryptocurrency market in Russia.  

On a governmental level meeting that was held recently, the prime minister has recommended that legal protections must be introduced for the crypto holders. This is necessary for the growth of the crypto industry. 

Mishustin states that such a work could help to develop the industry in a more harmonized way and the rights of the owners and their interests can also be protected and the fraudulent schemes will be prevented. 

Mishustin also recommended improving the Russian Tax Code so that the digital currency can be recognized as a property of value. 

“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.”

After replacing the previous prime minister, Dmitry Medvedev in the 2020 election held in January, Mishustin has now urged the country to focus on the development of the crypto economy. The Russian government also looking to introduce the prison sentence to those failing to report the crypto transections of around $600,000 annually. 

Some financial institutions in Russia are racing to launch crypto and services related to blockchain abroad.