On a governmental meeting held yesterday, Mikhail Mishustin, the prime minister of Russia, proposed the implementation of legal protections for the country’s crypto holders in an effort to elevate the industry’s growth in the country.
According to Mishustin, the government aims to change Russia’s present Tax Code dramatically. Digital monetary assets, such as cryptocurrencies, will now most likely be considered as properties. In that way, owners may have something to rely on in the instance of illegal actions – allowing holders to now rightfully defend their crypto “property” in court.
The prime minister adds that these law amendments should also prove tremendously helpful to the industry’s fight against crypto “shadow schemes.” Mishustin believes that criminals will now feel discouraged to take advantage of cryptos with the right legal protection.
The tumultuous crypto scene in Russia
Before Mishustin’s dedication to the development of a thriving Russian digital economy, former prime minister Dmitry Medvedev proposed the official banning of crypto payments within the territory starting January of next year. On top of that, he has also introduced a prison terms proposal for those that would fail to annually report any crypto transactions going up as much as $600,000.
Mikhail Mishustin’s emergence as the new prime minister cast a beacon of hope for the Russian crypto scene. Although still under a dark cloud, Russia has now made progressive steps towards easing its constricting crypto laws. At the very least, the country’s crypto holders may now breathe easy knowing that the new prime minister has their backs.