Russia Proposes a Legal Plan to Restrict Crypto Circulation

The Russian government has issued a proposal to restrict the circulation and transaction of cryptocurrencies

The Russian territory presents a plethora of opportunities as far as the cryptocurrency industry is concerned.

Arguably, a proper legal environment would potentiate Russia’s crypto capacities to become a hub of virtual assets – there’s enough Russian talent to back the industry up.

However, it appears that Russia has lagged behind when it comes to the establishment of crypto hotspots as the lack of proper legal infrastructure happens to be a glaring challenge in the eyes of digital asset enthusiasts.

In recent news, the Russian Ministry of Finance has proposed a move that will create legislation to restrict the circulation of cryptocurrencies within the economy – a decision that will serve as a yardstick for global crypto regulation.

Russian media intimated that the Russian government intends to prescribe amendments to the existing Digital Financial Assets (DFA) law, which was ratified in July and is set to be implemented from the first month of 2021.

Ideally, the DFA law came about as a result of the Russian government’s need to enable transactions involving digital securities and tokens, including well-established cryptocurrencies like Bitcoin and Ether.

At the time of inception, the DFA law was meant to be coupled with a separate piece of legislation targeting the regulation of crypto circulation.

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