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Russia Proceeds With Efforts to Legalize Crypto Amid Sanctions Over Ukraine – Regulation Bitcoin News

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Authorities in Russia are continuing their work to establish a comprehensive legal framework for crypto transactions. The efforts, which started before the military invasion of Ukraine, go on amid warnings that Moscow may use cryptocurrencies to evade expanding financial sanctions.

Expert Council Meets in Russia to Discuss Law ‘On Digital Currency’

Attempts to legalize and regulate operations with cryptocurrencies are ongoing in Russia, despite the situation surrounding the military assault the Kremlin launched in neighboring Ukraine. An expert council supporting the crypto regulatory working group at the State Duma, the lower house of parliament, is meeting today to review new legislation.

The members of the body will hold discussions on the draft law “On Digital Currency.” The bill was submitted by the Ministry of Finance and reflects its concept on the matter. Unlike the Central Bank of Russia, the treasury department favors legalizing the industry under strict rules. Its approach has been backed by the federal government and other institutions.

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