Experts Divided on New Russian Crypto Regulations

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An influential Russian politician has spoken out in favor of the country’s imminent introduction of crypto rules – but opposition voices aren’t so sure that the new rules will help the crypto sector.

For media RIA Novosti (above Prime), Arseniy Poyarkov, member of the State Duma-led Committee on Digital Economy and head of the BusinessDrom The Analytics Center claimed that a push to ensure that digital assets are officially recognized as property will benefit much of the market.

Russian Prime Minister Mikhail Mishustin recently stated that the country’s cabinet is about to agree on a bill that will officially recognize crypto under the amended property laws, giving tokens a legal basis for the first time.

Poyarkov stated:

“Any legislative movement to legally recognize digital assets, their property status and associated legal rights is a good thing. This will allow a certain number of market participants to step out of the shadows. “

He added, “If [cryptoassets] are recognized as property, they are not a means of payment. The Central bank and the government will not recognize cryptoassets as a means of payment. But [property rights] Legal status is better than no legal status at all. “

However, Poyarkov conceded that some crypto players might choose to “stay in the shadows” instead, as certain players viewed the regulations as prohibitively “strict”.

In the meantime, a head of the Digital Rights Group has spoken out in a column against the idea of ​​Russian crypto regulation and the government’s plans.

Write in Novaya Gazeta, Sarkis Darbinyan, co-founder of Roskomsvoboda Foundation – an organization that wants to protect the rights of internet users in the country – questioned the meaning of the Kremlin’s plans.

Darbinyan wrote that the draft law so far has vague and incomplete definitions of “digital assets” and other terms – and asked what the point would be to allow people to own crypto assets if citizens are not allowed to use their tokens to pay bills.

He added that the Russian government is still unable to monitor crypto transactions and does not have the legal framework to enforce the proposed new crypto tax measures.
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