The legal field of the Russian Federation or what to expect for the Russian crypto space

For several years now, the Russian Federation’s crypto industry has been in limbo. The debate in the government about cryptocurrencies does not stop, and what to expect for the crypto space is not yet clear.

Waiting for legal regulations

At the end of last week, an internal letter from the Russian Ministry of Finance proposed amendments to the recently adopted draft law “on digital financial assets (DFA)“, which sets out the legal definitions of digital assets in the country. The bill would also legalize cryptocurrency trading in the country

However, in accordance with the latest plans of the Russian Ministry of Finance, the use of cryptocurrency transactions is now explicitly prohibited, paying special attention to miners. The Ministry’s proposal would make it illegal for cryptocurrency miners to receive payments in Bitcoin and Ethereum.

While the draft DFA law only partially addresses cryptocurrencies and their legal status, it is expected that a comprehensive law on cryptocurrency regulation, known as “on digital currency“, will be prepared and published in December this year.