Business

Steve Kaaru

Russia preparing new measures that could impact digital assets

Russia is preparing a third package of measures for its special administrative regions. This is according to Ilya Torosov, the Deputy Minister for Economic Development. In an interview with national outlet TASS, Torosov revealed that the new measures will impact a variety of sectors, including the shipping industry and digital assets.

Russia has a checkered past with cryptocurrencies. The State Duma has taken strides to formulate laws to govern the industry; however, Minister of Justice in the country recently stated that cryptos don’t need regulations. This is because the law doesn’t recognize them as a payment method. All this might change with the new package of measures.

Torosov revealed:

“We are working out the issue of exempting marine vessels filed into the Russian public register of ships held by SAR residents from VAT, income tax, transport and property taxes. We are also discussing lower tariffs of insurance contribution and liberalization of labor laws in respect of marine vessels’ crewmembers and, furthermore, specificities of digital assets regulation.”

The new measures could have a huge impact on the country’s ambitions to develop an oil-backed crypto. Recent reports have revealed that the country is in the final stages of developing this crypto. It intends to use it to avoid unpredictable foreign exchange fluctuations. It will also come in handy in avoiding the ever-rising U.S sanctions against the country.

The new legal framework could make it legal to pay in cryptos in the country, the report claims. However, Torosov believes that the framework won’t affect the regulation of digital assets greatly. 

“Understandably, this is cryptocurrency but we are speaking in more general terms so far,” he stated.

Nevertheless, the move is a step in the right direction for Russia’s blooming crypto industry. It’s also just the latest in a rising number of moves that seek to lay down a legal framework for the crypto industry. 

The Russian president Vladimir Putin recently told parliament to enact crypto regulation no later than July 1. Putin urged the State Duma as well as the Council of the Federation of Russia to work together to implement regulations in the upcoming spring session.

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