Cryptocurrencies are seen as monetary 'analogs' rather than digital financial assets

Today there is news that the Russian government and the central bank have reached an agreement on cryptocurrency regulation.

Russia treats cryptoassets as currency. However, according to the Russian newspaper Kommersant, the result of the agreement between the Russian government and the central bank on the future system for the circulation of cryptocurrencies in Russia is to treat cryptocurrencies as monetary “analogs” rather than digital financial assets (DFAs), while only Full identification through the banking system or licensed intermediaries is required for circulation in the legal sector.

In addition, by February 18, they will draft a draft law on the circulation of digital currencies in the Russian Federation. Preliminary estimates suggest that even under a simplified tax regime, Russian authorities could tax up to $13 billion (1 trillion rubles) per year from the crypto market