Russia may impose fees on "unfriendly" cryptocurrency transactions to protect investors

Odaily Odaily Deputy Finance Minister Ivan Chebeсков said that Russia may introduce fees, recommendations, and technical protection mechanisms in "unfriendly" cryptocurrency transactions to protect Russian investors.

During the preparation for the second reading of the bill on regulating the crypto market, one of the core topics debated was whether to allow specific digital assets, including USDT and BNB, to participate in transactions. Ivan Chebeсков noted that operations with such instruments could pose high risks for Russian users, and therefore additional protective measures are being considered. These include economic incentives such as fees or recommendations to encourage citizens to hold other assets.

Previously, Russia's Ministry of Finance had considered excluding USDT from the cryptocurrency market regulatory system, but industry participants expressed their willingness to bear the risks of using this instrument on their own. Furthermore, in a regulatory concept proposed by the Central Bank of Russia last December, it suggested recognizing digital currencies and stablecoins as foreign exchange assets, permitting their purchase and sale but prohibiting their use for domestic payments for goods and services. Unqualified investors, after passing a specific test, would be allowed to purchase the most liquid cryptocurrencies, with the annual limit for purchasing assets through a single intermediary not exceeding 300,000 rubles. (TASS)