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

Odaily news Ivan Chebeskov, Deputy Minister of Finance of Russia, stated that Russia may introduce fees, recommendations, and technical protection mechanisms for "unfriendly" cryptocurrency transactions to protect Russian investors.

During the preparation for the second reading of the bill regulating the crypto market, one of the core topics of discussion was whether to allow certain digital assets, including USDT and BNB, to participate in transactions. Ivan Chebeskov pointed out that operations involving such instruments could pose high risks for Russian users. Therefore, additional protective measures are being considered, including economic incentives such as fees or recommendations to encourage citizens to hold other assets.

Previously, the Russian Ministry of Finance had considered excluding USDT from the regulatory framework for the cryptocurrency market. However, industry participants expressed a willingness to assume the risks associated with using this instrument themselves. Additionally, in a regulatory concept proposed by the Central Bank of Russia in December last year, it was suggested to recognize digital currencies and stablecoins as foreign exchange assets, permitting their purchase and sale but prohibiting their use for domestic payment of goods and services. Non-qualified investors, after passing specific tests, would be allowed to purchase the most liquid cryptocurrencies, with an annual purchase limit of no more than 300,000 rubles through a single intermediary. (TASS)