Russia will start regulating cryptocurrency trading by the end of the year, according to the country’s Finance Minister.

At the Moscow Financial Forum on Friday, Russian Finance Minister Anton Siluanov said:

The state certainly understands that cryptocurrencies are a reality, there is no point in prohibiting them. It is possible to regulate them, so the Finance Ministry will draw up a bill by the end of the year.

Further according to a Reuters report, Siluanov expressed thoughts of regulating cryptocurrencies as it would securities. Thus reflecting sentiments similar to that of regulatory authorities in the U.S., Singapore and Canada.

Read more at CoinDesk and Reuters.