What is happening with the legislation on the cryptocurrency market?
The cryptocurrency market has existed for more than 10 years, but there is still no uniform regulation in this area. Some countries (Australia, the European Union, Singapore, the USA) are actively involved in legislative regulation and even recognize bitcoin as the national currency (El Salvador). Others completely prohibit transactions with cryptocurrencies (China), restrict turnover through court decisions (India) and legislative initiatives (Turkey). Moreover, a number of religious organizations speak out in favor of a complete ban on cryptocurrencies.
Having considered this background, it is not entirely clear where legislative regulation is moving and where it may be dangerous to create a crypto business.
As for the Russian legislation, it finally drew attention to the crypto market after 10 years. Firstly, it separated the concept of cryptocurrency and digital currency, considering the latter a narrower concept.
Secondly, the CFA law restricted the circulation of digital currency in the country. Russian tax residents do not have the right to accept it as payment for goods, works, or services, i.e. digital currency cannot be a means of payment in Russia.
However, buying and selling cryptocurrencies, exchanging them for another cryptocurrency, as well as mining, are quite legal.
Having considered this background, it is not entirely clear where legislative regulation is moving and where it may be dangerous to create a crypto business.
As for the Russian legislation, it finally drew attention to the crypto market after 10 years. Firstly, it separated the concept of cryptocurrency and digital currency, considering the latter a narrower concept.
Secondly, the CFA law restricted the circulation of digital currency in the country. Russian tax residents do not have the right to accept it as payment for goods, works, or services, i.e. digital currency cannot be a means of payment in Russia.
However, buying and selling cryptocurrencies, exchanging them for another cryptocurrency, as well as mining, are quite legal.
