State Duma Chairman of Financial Markets Committee: Russia to Exert Serious Control Over Crypto After Legalization

Anatoly Aksakov, chairman of the Financial Markets Committee of the State Duma, the lower chamber of the Federal Assembly in Russia, has remarked that the government intends to hold “serious” control over crypto after it is legalized. According to local reports, Aksakov also stated that crypto users were looking forward to this legalization to use the assets for international settlements.

State Duma Official: Russia to Have ‘Serious’ Control Over Crypto After Legalization

Anatoly Aksakov, chairman of the Financial Markets Committee of the Russian State Duma, has given an update about the legalization of crypto in Russia and the role of the Russian government regarding its control. According to local media, Aksakov hinted at establishing tight regulations regarding crypto transactions and service providers.

He stated:

Cryptocurrency will be legalized. Its movement will obviously be under serious control so that there will be no abuse.

Aksakov also declared that cryptocurrency users in Russia were expecting this legalization to allow for crypto to be used easily, including leveraging it to settle international transactions and avoid problems at the banking level. Aksakov explained:

They are ready to work in the legal space, because foreign banks are sometimes wary of interacting with Russian banks and making settlements with Russia.

The State Duma official has supported the identification of cryptocurrency holders in Russia previously to “establish taxation and certain rights for cryptocurrency owners,” as well as offer protection in these markets.

Using Crypto to Sidestep International Sanctions

Aksakov remarked on the importance of using crypto as an instrument to expedite international trade.

The Central Bank of Russia (CBR) informed recently that it intends to run pilot tests of cross-border settlements using digital and central bank digital currencies (CBDCs). Deputy chairman of the CBR, Alexey Guznov, stressed that these settlements would not be available inside the country but were directed to expedite international transactions.

In this sense, Aksakov had declared before that “exchanges will be used for cross-border settlements, including bypassing sanctions restrictions, so new restrictions may be introduced against them” when announcing that the country had dropped the idea of a national cryptocurrency exchange.

Aksakov also reported that he expected a bill regulating crypto to be passed by next October. Previously, Aksakov expected to pass four crypto-related laws during the State Duma’s spring session, which ends on July 30.

What do you think about the statements of Anatoly Aksakov regarding the “serious” control that the Russian government plans to exert on the crypto market after its legalization? Tell us in the comment section below.

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