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Report: Russia to regulate cryptocurrency market

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Report: Russia to regulate cryptocurrency market

Russian authorities decided to regulate the cryptocurrency market, with the outline of the planned legislation to be ready by the end of 2017, Reuters reported Oct. 11, citing Finance Minister Anton Siluanov.

Russian President Vladimir Putin said at an Oct. 10 meeting with senior officials that cryptocurrencies carry serious risks and could be used in criminal activities, the newswire noted, also citing the Russian central bank's deputy head Sergei Shvetsov as saying that the regulator wanted to ban websites offering bitcoin and other cryptocurrencies.

Siluanov said the finance ministry will cooperate with the Central Bank of the Russian Federation on regulating the cryptocurrencies market. Deputy Finance Minister Alexei Moiseev noted that the country's federal tax service could also be involved in the process, as Russia wants to collect taxes from entities involved in the mining of cryptocurrencies.

Siluanov already said in September that the finance ministry was going to prepare legislation governing cryptocurrency transactions involving Russian citizens and companies by the end of 2017.