The Ministry of Finance of the Russian Federation believes that it is possible to legalize cryptocurrency without an experimental regime, citing the unsuccessful regulation of digital financial assets.
Russian legislators should let the cryptocurrency business realize its needs in order not to repeat the failure, as was the case with digital financial assets (DFA). This opinion was expressed at the XI International Legal Forum in St. Petersburg by Ivan Chebeskov, Head of the Financial Policy Department under the Ministry of Finance of the Russian Federation.
According to him, cryptocurrencies can be given the green light “and without any experiments” if the business has a need. At the same time, Chebeskov himself admitted that he did not know whether the authorities should first regulate the market or introduce regulation as the crypto business develops. He admitted that it might be worthwhile for businesses to first take risks and invest in the Russian market, and then defend their interests.
How business should defend interests in the absence of regulation, Chebeskov did not specify. Lighthouse CEO Denis Jordanidi called Chebeskov’s statement “revolutionary”. He noted that it is difficult for him to imagine how the crypto business in the Russian Federation should start its work without a regulatory framework.
He also added that the position of the Ministry of Finance of the Russian Federation “is not always transparent”, since the ministry does not always consult on legislative issues with the cryptocurrency business.
So far, for the Russian investor, CFAs remain more of an “exotic” than an attractive alternative to securities. As of the end of April, only ₽2.2 billion (~$27 million) worth of DFAs had been issued in the Russian Federation. This is still not enough to compete even with the dubious tokens on the CoinMarketCap list, which have a market capitalization several times higher.
Anatoly Aksakov, head of the Duma committee on the financial market, admitted earlier that he “expected more” from the CFA against the backdrop of a weak emission volume. However, he still believes that the CFA market still has a chance. According to the deputy, CFA will be activated with the launch of the digital ruble.
Source: Cryptocurrency
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