Russia Plans to Allow ‘Non-Residents’ Access to Crypto Platforms, Helping Bitcoin Miners Sell BTC
The Russian government appears to be preparing the ground for the legalization and regulation of the Bitcoin (BTC) and crypto mining sector – and is already planning what looks like a way for miners to sell their tokens to overseas buyers even after the nation begins policing crypto transactions.
As reported, the long impasse between the Ministry of Finance (pro-business and very guardedly pro-crypto adoption) and the staunchly anti-crypto Central Bank appears to have come to an end after direct intervention from President Vladimir Putin. The parties now reportedly favor a draft bill that will seek to eliminate anonymity in the crypto sector and force crypto exchanges to register with a new super-regulatory body.
But the political wrangling in Moscow has left miners – particularly industrial miners – high and dry, with many urging policymakers to “hurry up” and legalize their sector. Miners have been stuck in a “grey” limbo, whereby their activities are neither illegal nor officially recognized.
Putin has made mention of favorable crypto conditions in Russia – including the nation’s vast energy resources, and the country is now considered to be the second-largest Bitcoin mining nation after the United States.
As such, the government appears keen to find a way to sell their BTC with relative freedom – provided buyers are not based on Russian soil.
Per the news agency Interfax, the ministry has issued draft proposals on the matter, which explain that “non-residents” should “be able to access, remotely if needs be, [...] digital currency exchange operators and foreign digital currency exchanges within Russian territory.”
Furthermore, the document’s authors explained:
“In the event of the formation of a legal [framework to police]
Read more on cryptonews.com
