Crypto Legalization in Russia: New Laws to Ensure Legal Cooperation
- The Russian Federation and the Turkish Ministry signed a bill for ensuring legal cooperation.
- The deal includes the prevention of information crimes like the illegal use of cryptocurrency.
- The Federation passed a bill legalizing crypto mining, preventing the criminal use of crypto.
Igor Krasnov, the Prosecutor General of the Russian Federation, and Bekir Bozdag, the Head of the Turkish Ministry of Justice, signed a new bill for ensuring international legal cooperation between Russia and other countries. One of the major areas of the deal is preventing information crimes including the illegal use of cryptocurrencies and other digital assets.
The Prosecutor General of the Russian Federation cited the new agenda:
The relevant judicial and investigative practice has been developed in Russia, the legislation on digital assets is being updated, and the Central Bank’s digital ruble platform is being piloted. We have something to share.
The previous year, a universal convention against the use of advanced technologies for criminal activities was submitted to the UN special committee. Krasnov said while discussing the matter of the use of technologies illegally:
The Russian approach to the document presupposes the criminalization of a wide range of acts in this area since such technologies are widely used to promote extremist views, attempts to influence political regimes and the minds of ordinary people.
In addition, the Russian Federation had also initiated a legislative proposal to legalize crypto mining, as a part of preventing the criminal use of cryptocurrencies.
Anatoly Aksakov, the Chair of the Parliamentary Financial Committee, declared that the bill was intended to legalize cryptocurrency mining and its circulation. However, he added that the law would permit cryptocurrencies as a mode of payment only outside the country, “in foreign jurisdiction”.
Interestingly, the law is considered to be a “new direction in the development of financial markets” in the country, making the use of cryptocurrency easier and feasible.
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