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Finance and Credit
 

Changing the legal status of cryptocurrency in Russia in 2020–2021 as a promising step into the future

Vol. 27, Iss. 10, OCTOBER 2021

Received: 17 June 2021

Received in revised form: 19 July 2021

Accepted: 2 August 2021

Available online: 29 October 2021

Subject Heading: Financial system

JEL Classification: E58, G15, G24, O31

Pages: 2384–2408

https://doi.org/10.24891/fc.27.10.2384

Subject. The article deals with the process of cryptocurrencies development in Russia after the change in their legal status, and the forecast of further legislative changes in this area.
Objectives. The aims are to consider the change in the legal status of cryptocurrencies in Russia from January 1, 2021, the successful experience of legal regulation of cryptocurrency turnover in Japan, and to compare it with the Russian experience of recent years; to justify the need for further legal changes in the field of cryptocurrencies in the Russian Federation; to address prospects for active implementation of cryptocurrencies in Russia.
Methods. The study employs methods of comparative and systems analysis, method of observation, generalization, classification, the analysis of theoretical Russian and foreign sources, the structural type of analysis, using analytical, graphical and statistical tools.
Results. The paper presents the main legislative changes that have taken place in the field of cryptocurrency adoption in Russia since January 1, 2021; considers draft laws on settlement of cryptocurrencies of the past years, explains their fundamental shortcomings. It predicts legislative initiatives in cryptocurrency development in the Russian market and proves the further need for changes in the regulatory framework for cryptocurrency.
Conclusions. Tightening and regulating the cryptocurrencies in the Russian financial and economic market are a timely response to speculation and fraud. The change in the legal status of cryptocurrencies in Russia is a step into the future.

Keywords: cryptocurrency, digital financial assets, licensing, decentralization

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