Russia’s central bank is reportedly considering new regulations and rules for taxing non-fungible tokens (NFTs), smart contracts and trading digital assets.
The Bank of Russia published these findings in a report that was released Monday (Nov. 7) and that is open to comments until Dec. 7, CoinDesk reported Tuesday (Nov. 8).
In the publication, Russia’s chief financial regulator suggested that in some cases digital assets may be regulated like traditional securities and that new regulatory approaches could be developed for other cases, according to the report.
It also said there is a need for more detailed rules regarding taxation and for certifying property rights by using NFTs, the report stated.
The regulator also suggested that digital assets could be traded in the traditional stock market but that the rules for access for investors may in some cases include completing a financial literacy test.
In related news, Bitcoin.com reported in September that Russian authorities were working on a way to use cryptocurrencies for settlements with other nations amid the sanctions related to the Russia-Ukraine war.
The country’s central bank and finance ministry agreed on a draft law to regulate cross-border crypto payments, and plan to regulate the issuance, circulation and various operations with digital assets, including international crypto payments, by the end of the year, according to the report.
“The activities of organizations that will carry out exchange operations with digital currency, its transfer and storage, and providers of virtual asset services should be subject to regulation, including registration or licensing of such persons and their supervision,” Russian government financial intelligence body Rosfinmonitoring said.
As PYMNTS reported in September, Russia could also use stablecoins to make cross-border payments to friendly nations as a way to bypass sanctions.
Since its invasion of Ukraine, U.S. and European Union-led international sanctions have cut off Russia’s access to standard payments rails like SWIFT.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More