Russian Prime Minister Mikhail Mishustin addressed the issue of cryptocurrencies and the need to protect users during the government meeting on Thursday, according to a transcript.
Mishustin acknowledged the growing interest in this "relatively new tool" and said the government plans to steer the development of the cryptocurrency market in a "civilized direction" so that users can better protect their "rights and interests". This would make "shadow schemes" (or scams) more difficult to operate, he said.
The Prime Minister stated that Russian tax legislation will be changed to make crypto assets property, which means that owners can seek relief in court if they should fall victim to illegal activity.
The country's finance ministry has already proposed a number of additions to tax legislation, including an obligation to report crypto holdings above a certain threshold, as well as legal ramifications for those who don't.
Mishustin was named head of the Russian government this spring after heading the country's federal tax agency for 10 years.
So far, Russia lacks a detailed legal framework for cryptocurrencies, but President Vladimir Putin signed one of two bills regulating the issuance of digital securities this summer, mentioning cryptocurrency as a type of taxable property.