Russian lawmaker describes illegal use of cryptocurrencies as largely a myth.
Lugovoy, who is also deputy chairman of the security and anti-corruption committee, pointed out that there are effective tools to identify wallets that are employed for illicit purposes such as those offered by blockchain analytics firms Chainalysis and Crystal. He added that Russian IT developers are also working on domestic software capable of detecting “dirty” cryptocurrency.
“According to experts, cash is used in illegal activities in the amount of 11 to 13 % of the turnover,” the deputy noted. He is convinced that the introduction of transparent crypto regulations in Russia, along with theAndrey Lugovoy This week, the parliamentary Financial Market Committee approved amendments that will allow the taxation of operations with cryptocurrencies while the Ministry of Financeproposals from Russian law enforcement agencies for the new law “On Digital Currency”. Both pieces of legislation should be adopted during the Duma’s spring session to comprehensively regulate the Russian crypto space, along with the law “On Digital Financial Assets,” which went into force in early 2021.
At the same time, Russian authorities do not plan to introduce any restrictions on the ownership of crypto assets, the member of the Duma emphasized. However, cryptocurrency owners will likely be obliged to declare their digital holdings to the state. The legislative changes also aim to bring millions of “grey” crypto miners out of the shadows, Lugovoy said. He highlighted Russia’s contribution to this market, with close to 12% of the global bitcoin hashrate, and ranking third among mining destinations. Given the country’s cold climate and surplus of low-cost electricity, Russia can become the world’s mining leader, the lawmaker elaborated.
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