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Russia Hopes To Have Rules For Cross-Border Cryptocurrency Transfers

1 min read
Russian Border

Russian Border

Russia is the first country in the world to allow cross-border crypto payments while banning local crypto payments, a fintech expert in the Russian State Duma said. Russian Prime Minister Mikhail Mishustin officially Instructed  to come to a consensus regarding crypto regulation in Russia by Dec. 19, 2022. The prime minister called on the Duma and other state authorities to come up with coordinated policies on regulating the issuance and digital currencies in Russia. Mishustin also asked  to finalize regulations for cryptocurrency mining and cross-border transactions in digital currencies.

The official stressed that the upcoming crypto regulations should be aligned with the Russian Finance Ministry, the central bank, Anti-Money Laundering authority Rosfin monitoring, the Federal Tax Service and the Federal Security Service. The latest news brings yet another official confirmation that Russia has been growing increasingly serious about the possibility of cryptocurrencies for cross-border transactions.

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