The government of Russia is thinking about adopting a civilized approach to the regulation of the cryptocurrency market. The Russian government is also set to treat digital assets as properties as per a statement from the Prime Minister of Russia Mikhail Mishustin. Prime Minister has also revealed that the government is also planning on providing protection to the holders of cryptocurrencies by bringing in new changes into the tax code of the country.
Treating Digital Financial Assets as a Property
While speaking in a government meeting held on Thursday the 26th of November, the Russian Prime Minister said that the government intends to recognize digital financial assets as properties. He is of the view that relatively all of the digital financial assets are new to the market and they should be properly treated as property.
Furthermore, while elaborating the government’s plan he said that they are planning on adopting a civilized approach in a bid to regulate the local digital currency market and also to lead its development in a civilized manner. Mikhail Mishustin thinks that this move will ensure the protection of users from scams and other fraudster activities.
Allowing Users to Protect their Property Rights
By regarding digital financial assets as property, he said that they are providing the holders of these assets an opportunity to ensure the protection of their rights and also they can defend them in court as well. These owners will also be able to leverage the legal protection as well. As the statement of the Russian Prime Minister reads
“We will make a number of changes to the Tax Code. Digital financial assets will be recognized as property and their owners will be able to rely on legal protection in the event of any wrongdoing, as well as to defend their property rights in court.”
Mishustin also acknowledged the fact that crypto assets are continuously and constantly witnessing a growing interest with the passage of time. Therefore, he said that the government is stressing directing the development of the digital currency market in a civilized manner.
On the other hand, the country of Russia has still not clarified fully the status of digital assets in the country as they are still struggling to introduce a regulatory framework for digital currencies. But it is true that they are clearly focused on the regulation of cryptocurrencies as the government passed the Digital Financial Assets and Digital Currency Act at the beginning of this year.