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On April 28th, Alexey Moiseyev, Deputy Minister of Finance of Russia, announced that Russia will establish a special agency responsible for issuing licenses for operators to use cr

#Introduction

On April 28th, Alexey Moiseyev, Deputy Minister of Finance of Russia, announced that Russia will establish a special agency responsible for issuing licenses for operators to use cryptocurrencies in international settlements. The committee will include experts from various ministries, central banks, and law enforcement agencies, and will also introduce special legal systems for the settlement experiment.

Russia will establish a special agency to issue encryption licenses to international settlement operators

On April 28, 2021, Russia made a groundbreaking announcement. The announcement was made by Alexey Moiseyev, Deputy Minister of Finance of Russia, about the establishment of a special agency responsible for issuing licenses for operators to use cryptocurrencies in international settlements. Russia has always been on the fence about cryptocurrencies, but this recent move shows that the country is now ready to take the plunge. This article will delve deeper into the details of this new agency, the legal systems to be introduced, and what it all means for the world of cryptocurrencies.
#Outline
I. Introduction
II. Who is Alexey Moiseyev?
III. What is the new agency?
A. Purpose of the agency
B. Members of the committee
IV. Legal System for Settlement Experiment
A. The two-currency issue
B. Taxation policies
C. Financial tracing
V. Impact of Establishing A Cryptocurrency Agency
VI. FAQs
A. How will the cryptocurrency be regulated?
B. What types of cryptocurrencies will be included?
C. What will be the tax structure for cryptocurrencies?
VII. Conclusion
#Who is Alexey Moiseyev?
Alexey Moiseyev is a Russian economist, a banker and the current Deputy Minister of Finance of the Russian Federation. He has been working in his current position since May 2018.
#What is the new agency?
The new agency is a special committee established to issue licenses for operators to use cryptocurrencies in international settlements. The purpose of the committee is to regulate and control the use of cryptocurrencies in the country and also to monitor the flow of funds in cross-border transactions.
##Purpose of the Agency
The primary goal of the agency is to promote the use of cryptocurrencies in Russia’s economy and to attract cryptocurrency investors into the country. The agency aims to create a legal framework that will enable the use of cryptocurrencies in international trade settlements without any legal consequences.
##Members of the Committee
The committee will consist of experts from various ministries, central banks, and law enforcement agencies. The appointment of these experts was done with the intention of ensuring the proper regulation of the cryptocurrency market. The committee will be responsible for issuing licenses, creating guidelines regarding cryptocurrency operations and providing advice to government bodies regarding new policies for the use of cryptocurrencies in the country.
#Legal System for Settlement Experiment
The legal system for the settlement experiment introduces a two-currency issue, taxation policies, and financial tracing.
##The Two-currency Issue
The legal system for the settlement experiment will involve the use of two currencies; the national currency and the cryptocurrency. This system will allow for cryptocurrency to be used in international transactions, and it will be settled in the national currency.
##Taxation Policies
The taxation policies for cryptocurrency will be based on a progressive tax system. The tax rate will be determined by the amount of cryptocurrency owned and the period of ownership. The tax amount will be calculated based on the market value of the cryptocurrency during the period of ownership.
##Financial Tracing
A financial tracing system will be introduced to monitor the flow of funds in cross-border transactions. The tracing system will be designed to track the provenance of funds involved in international transactions and detect any illegal or illicit transactions.
#Impact of Establishing A Cryptocurrency Agency
The establishment of the cryptocurrency agency is expected to have a significant impact on the economy of Russia and the global cryptocurrency market. The general outcome of the regulations is expected to bring about a higher level of transparency to the market, which is a positive development.
#FAQs
##How will the cryptocurrency be regulated?
The cryptocurrency will be regulated through licensing, guidelines regarding its use, and government policies.
##What types of cryptocurrencies will be included?
All types of cryptocurrencies will be included.
##What will be the tax structure for cryptocurrencies?
The tax structure will be based on a progressive tax system. The tax rate will be determined by the amount of cryptocurrency owned and the period of ownership.
#Conclusion
Russia’s establishment of a special agency responsible for issuing licenses for operators to use cryptocurrencies in international settlements is a significant development in the cryptocurrency world. The market is expected to become more transparent, which will attract more investors into the field. The regulatory agency will create the necessary legal frameworks that will enable the use of cryptocurrency in international transactions. Overall, the move shows that Russia is making a significant investment in the crypto space.
#Keywords
Cryptocurrencies, Regulations, Licenses

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