Russia mulling regulations for stablecoins

Financial authorities in Russia intend to expand the country’s crypto regulations to cover stablecoins and securities based on digital ￰0￱ of the new rules should be ready by the end of the year, as the country rushes to clarify the matter for investors and find its place in a growing global ￰1￱ mulling regulations for stablecoins While decentralized cryptocurrencies like Bitcoin are far from becoming mainstream in Russia, officials are now “actively discussing” the regulation of fiat-pegged stablecoins, local media ￰2￱ Ministry of Finance (Minfin) and the Central Bank of Russia (CBR) are also considering additional rules for digital asset investments, a high-ranking representative of the Treasury revealed, quoted by the TASS news ￰3￱ on the sidelines of the Moscow Financial Forum (MFF), Deputy Finance Minister Ivan Chebeskov stated: “We are witnessing the emergence of regulations in the area of stablecoins and digital financial assets ￰4￱ are now strategically considering the creation of corresponding regulations in our country that would be consistent with the challenges and conditions existing around the world.” Chebeskov also emphasized that Russia’s main financial regulatory bodies “are striving to ensure that regulation serves the interests of the Russian Federation, businesses, and citizens.” Proposals for the regulation of these assets will be presented by the end of this year, he added, also quoted by the crypto news outlet ￰5￱ development of clear and transparent rules will increase investor confidence and strengthen Russia’s position in the global market, the Minfin official ￰6￱ of Russia preps rules for crypto securities Meanwhile, other media reports unveiled that Russia’s monetary authority intends to formalize the legal regime for crypto-linked financial instruments, including ￰7￱ CBR has drafted a new regulation on securities and derivative financial instruments, the yield of which is tied to the value of cryptocurrencies, the Prime economic news agency announced ￰8￱ document aims to “establish certainty regarding the legal regime for securities linked to the price of digital currency or other indicators calculated based on it.” It also deals with “contracts representing settlement derivative financial instruments whose underlying assets are the price or rate of digital currency or other indicators calculated based on it,” according to an explanatory note published by the central ￰9￱ regulator makes it clear that these types of securities and derivatives are intended exclusively for qualified ￰10￱ May, the Bank of Russia authorized financial firms to offer derivative instruments, securities, and digital financial assets ( DFAs ) based on the value of cryptocurrencies to “ highly qualified ” ￰11￱ legal entities, private individuals can also be granted this status, as long as they can prove investments in securities and deposits exceeding 100 million rubles (approx. $1.2 million) or an annual income of more than 50 million rubles ($600,000).

Less than a month after issuing its circular , the CBR announced investors had already bought $16 million worth of Bitcoin futures offered by domestic financial ￰12￱ in September, the finance ministry proposed relaxing the requirements for investors admitted to the heavily restricted crypto market under a so-called “experimental legal regime” for crypto ￰13￱ Bank of Russia wants to conclude talks with the Minfin on the regulation of crypto investments by the end of the year, according to a statement by its First Deputy Chairman Vladimir ￰14￱ told reporters during the financial forum in the Russian capital: “We haven’t reached a final decision yet, but this is one of our priorities.

I think we’ll complete the discussion this year.” The CBR remains strongly opposed to allowing the free circulation of cryptocurrencies and stablecoins in the Russian economy, listing them as a major threat to Russia’s financial system in a recent report for the Kremlin and the ￰15￱ seen where it ￰16￱ in Cryptopolitan Research and reach crypto’s sharpest investors and builders.