A prominent Russian politician has addressed in favor of the country’s forthcoming crypto regulations rollout – but opposition opinions are not sure that the new rules will help the crypto sector.
According to media outlet RIA Novosti (Prime), Arseniy Poyarkov, a member of State Duma-run Digital Economy Committee and the head of the BusinessDrom analytics center, declared that a push toward securing digital assets are officially recognized as the property will reap benefits for much of the market.
The Russian Prime Minister Mikhail Mishustin recently stated that the country’s cabinet is close to agreeing on a bill that will see crypto officially recognized under amended property laws, giving tokens a legal footing the first time.
Poyarkov declared,
“Any legislative movement toward the legal recognition of digital assets, their ownership status and legal rights connected with these is a good thing. It will permit a certain number of market players to come out of the shadows.”
He continued that,
“If [cryptoassets] are recognized as property, then they are not a means of payment. The Central Bank and the government will not recognize cryptoassets as a means of payment. But [property rights] legal status is better than no legal status at all.”
Poyarkov admitted that some crypto players market might alternatively wish to “remain in the shadows,” as individual players considered the regulations to be prohibitively “tough.”
Meantime, a digital rights group chief has expressed his thoughts versus the idea of Russian crypto regulation and the government’s plans in a column.
Writing in Novaya Gazeta, Sarkis Darbinyan, co-founder of the Roskomsvoboda Foundation – an organization that seeks to protect internet users’ rights in the country – questioned its point the Kremlin’s plans.
Darbinyan communicated that the draft legislation that has been drawn up to date contains vague and incomplete definitions of “digital assets” and other terms – and asked what the point of allowing people to own cryptoassets would be if citizens were not allowed to use their tokens to make payments.
He also reckoned that the Russian government is still ill-equipped to monitor crypto transactions and lacks the legal framework to enforce proposed new crypto tax measures.
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