Russian Central Bank Eyes Regulations For Digital Assets
According to reports, Russia’s central bank is contemplating new laws and procedures for taxing non-fungible tokens (NFTs), smart contracts, and the trade of digital assets.
The Bank of Russia revealed these conclusions in a paper that was issued on Monday, November 7, and is accepting feedback through Monday, December 7.
According to the article, Russia’s senior financial regulator stated that in certain circumstances digital assets may be regulated similarly to conventional securities, while in other cases, new regulatory procedures could be devised.
The paper also noted the need for more specific laws addressing taxes and the certification of property rights utilizing NFTs.
The regulator also proposed that digital assets may be traded on the regular stock market, but that investors may be required to pass a financial literacy exam to get access.
In related news, Bitcoin.com revealed in September that Russian officials were working on a method to utilize cryptocurrency for settlements with other countries amid sanctions stemming from the Russia-Ukraine conflict.
According to the report, the country’s central bank and finance ministry have agreed on a draught law to regulate international crypto payments, and they intend to regulate the issuance, circulation, and various operations with digital assets, including international crypto payments, by the end of the year.
“The activities of organisations that will carry out exchange operations with digital currency, its transfer and storage, and providers of virtual asset services should be subject to regulation, including registration or licencing of such persons and their supervision,” Russian government financial intelligence body Rosfinmonitoring said.
To circumvent sanctions, Russia might use utilize stablecoins to conduct cross-border payments to friendly states.
Since it invaded Ukraine, international sanctions spearheaded by the United States and European Union have shut off Russia’s access to conventional payment rails such as SWIFT.
