Russia Plans to Regulate Cross-Border Crypto Transactions by 2024
Anatoly Aksakov, Chair of the State Duma Committee on the Financial Market, discussed plans to legalize cross-border cryptocurrency transactions by mid-2024 and explore digital currency use among BRICS nations by 2025–2026.
These initiatives aim to leverage the St. Petersburg Exchange and establish comprehensive crypto regulations in Russia by 2024.
Initially scheduled for November 2023, the crypto legislation faced delays due to coordination challenges among key institutions. Aksakov aims for resolution in January, recognizing the urgency given Russia’s sizable cryptocurrency market.
The proposed regulations cover mining oversight, cryptocurrency circulation, cross-border payments, and taxation, including a 20% income tax for miners, still under discussion. These taxes are expected to contribute to the national budget.
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To boost the industry, the State Duma supports enabling cryptocurrency sales as export products. Progression of Russia’s crypto legislation targets facilitating legal cross-border crypto transactions by late 2024.
Despite hurdles, Aksakov remains hopeful, acknowledging Russian companies’ increased use of cryptocurrencies for international transactions amid sanctions. This legislation signifies a pivotal move toward a regulated crypto framework in Russia, aligning with global digital asset trends.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
