The regulator also considers it necessary to establish a taxation procedure for this class of assets.
The Bank of Russia proposed to introduce liability for illegal circulation of digital financial assets, as well as to establish the procedure for their taxation. The regulator's proposals are included in the draft document "Main Directions for the Development of the Financial Market of the Russian Federation for 2022 and the Period of 2023 and 2024".
"At the legislative level, the procedure for taxation of transactions with utilitarian digital rights and digital financial assets will be established and liability for illegal circulation of digital assets will be introduced," the document says.
Also, the Central Bank reminded about the development of the digital ruble and the need to amend the legislation.
In January 2021, the law "On digital financial assets" came into force. The document defines cryptocurrency, but prohibits its use in Russia to pay for goods and services.