Cryptocurrencies Should Only Be Traded By Professionals – Russian Finance Minister

News, Regulation | December 26, 2017 By:

Russian Finance Minister Anton Siluanov said that cryptocurrencies like bitcoin should be traded only by professional investors, not in the mainstream.

In an interview with Russian state TV channel Rossiya 24, Siluanov said that “professional market participants should work with cryptocurrencies, not ordinary people,” noting the extremely ‎high risks that come with buying speculative products, as such investment products are increasingly being marketed to ordinary investors.

The Finance Minister also said that the Ministry has prepared a draft law, currently under consideration, which will determine the procedure for issuing, taxing, buying and circulation of cryptocurrency. He said there would be no changes to taxes for non-crypto businesses operating in Russia in 2018.

Earlier this month, the Chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov, said that a draft law on the regulation of cryptocurrency will be presented on December 28. He expects that the adoption of the draft law on cryptocurrencies will arrive in March.