Russia’s Ministry of Finance is preparing a list of the approved trading platform. According to the list, the Ministry will legalize Cryptocurrency trading. The bill for the regulation of cryptocurrencies was presented in December 2017.
Russian President Putin wants proper regulation on cryptocurrency exchange on trading platforms. Putin says that proper “legislative regulation will certainly be needed” for the cryptocurrency market. In an interview Putin said:
It is known that there is nothing behind cryptocurrency. It cannot be a means of accumulation, there are no material values behind it, it is not provided with anything, it can be, in a certain degree and in certain situations, a means of settlement, which is quickly done and effectively.
Putin also discussed why it is necessary to legalize trading, he also said:
If we regulate, but not efficiently enough, then the government will be responsible for the difficult situations that people can get into. Right now it is the responsibility of the person himself and the government can only say ‘you can do this but you can’t do that,’ and if it’s still not clear then there will be some problems that need to be solved.