• Russia Continues Efforts to Legalize Crypto Despite Sanctions Over Ukraine

  • Russia’s authorities are working hard to create a complete legal framework for cryptocurrency transactions. The efforts, which began before Russia’s armed invasion of Ukraine, are continuing, despite warnings that Moscow may exploit cryptocurrency to avoid escalating financial penalties.

    In Russia, an expert council meets to discuss the ‘Law on Digital Currency.’

    Attempts to legalize and regulate cryptocurrency transactions continue in Russia, despite the situation surrounding the Kremlin’s military assault on neighboring Ukraine. The State Duma, Russia’s lower house of parliament, is holding a meeting today to discuss new laws supported by an expert council.

    Members of the body will meet to discuss the proposed law “On Digital Currency.” The bill was proposed by the Ministry of Finance and reflects its viewpoint on the subject. Unlike the Central Bank of Russia, the Treasury Department favors rigorous regulation of the business. The federal government and other organizations have approved its approach.

    Bitnalog, a portal that advises Russians on how to pay their taxes on cryptocurrency income and earnings, has shared a Telegram announcement from the Duma about the next meeting. It was originally set for Friday, but the outlet later informed subscribers on its YouTube page that it had been rescheduled for Saturday, March 5.

    In January, the Bank of Russia suggested a blanket ban on most crypto-related operations in the Russian Federation, including payment, trading, and mining of digital currency. Experts will now attempt to address its concerns, which include highlighting risks to the country’s financial stability and the need to protect investors.

    The ongoing endeavor to fix regulatory gaps left after the law “On Digital Financial Assets” entered into effect last year comes amid worries that Russia may attempt to skirt international sanctions by using cryptocurrency. These include the exclusion of Russian banks from SWIFT and the restriction of Russian users’ access to bitcoin sites.

    Meanwhile, Ukraine has become more reliant on cryptocurrency to support its defense efforts and tackle humanitarian issues. Millions of dollars in digital assets have been donated to the Kyiv government and volunteer organizations. Shortly before the start of hostilities, the Ukrainian parliament passed a bill “On Virtual Assets” to govern the country’s crypto area.

    Donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund will help Ukrainian families, children, refugees, and displaced persons.

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