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Russia’s Central Bank and Ministry of Finance discuss stablecoin regulation
Apart from investments in cryptocurrencies, the Ministry of Finance and the Bank of Russia are also discussing stablecoin regulation. This was stated by Deputy Finance Minister Ivan Chebeskov to journalists on the sidelines of the Moscow Financial Forum in mid September.
“The issue is probably on the broader agenda now. We see emerging regulation in the area of stablecoins and digital financial assets globally. Therefore, we are now strategically considering development of appropriate regulation in our country that would meet the challenges and conditions existing worldwide,” Chebeskov said.
“There are probably no pros or cons here. I think we are on the same side with the Central Bank. We want this toolkit, the regulation to serve the interests of the Russian Federation, businesses, and citizens,” he added.
According to Chebeskov, the issue of investing in cryptocurrencies is still under discussion.
In March, the regulator announced that it had submitted a proposal to the government to allow cryptocurrency transactions within the experimental legal regime (ELR) for the category of “highly qualified” investors. Such new status is expected to be available to citizens if their investments in securities and deposits exceed 100 million rubles or if their income over the past year exceeded 50 million rubles.
Later, Alexey Yakovlev, Head of Financial Policy at the Ministry of Finance, informed that the Ministry suggests lower requirements for recognition as “superqualified” in order to expand the range of ELR participants and test the mechanism more thoroughly prior to amending the law.