Russia to regulate crypto

The regulators are coming.

The stampede of regulation is underway. Russia had initially tried to ban crypto but has now decided to regulate. That's a different tactic than China, where officials announced today they are closing exchanges.

Reuters reports:

"The state understands indeed that crypto-currencies are real. There is no sense in banning them, there is a need to regulate them," Fin Min Siluanov said.

By the end of this year, the finance ministry will finish working on a law that would define a procedure for buying crypto-currencies, which would also include registration of those willing to buy the virtual money, Siluanov said.

Buying of crypto-currencies should be similar to buying securities, such as treasury bonds for households launched by the finance ministry this year, Siluanov said.

He added that they want to make an organized market out of the black market.