The State Duma Committee on the Financial Market estimated the investments of Russians in cryptocurrencies at 5 trillion rubles. Earlier, the Central Bank stated that the Russians are among the most active participants in the crypto market.
The head of the State Duma Committee on the Financial Market, Anatoly Aksakov, during parliamentary hearings called on the deputies to speed up work on cryptocurrency legislation. Due to the high interest from unqualified investors, cryptocurrencies need careful regulation, he said.
“We have to put a point to [our discussions on] cryptocurrencies. It is necessary to determine our vision of this phenomenon and, accordingly, strictly prescribe responsibility in the legislation, determine if we prohibit or restrict something.”
“We adopted the [cryptocurrency frame] law in 2020, at the end, but now the first assets are being prepared for release, naturally, questions arise about the need to amend some of this law. Plus, tax legislation needs to be adopted to regulate the taxation of digital financial assets,” the deputy explained.
Aksakov added that “5 trillion rubles, according to some sources, have already been invested by Russians in cryptocurrencies.”
Earlier, the Central Bank of the Russian Federation estimated the investments of Russians in digital assets at 350 billion rubles, or $5 billion, and called Russians one of the most active participants in the crypto market.
Aksakov did not explain on the basis of what research the conclusion was made about the trillion-dollar investments of Russians in cryptocurrencies.