The Ministry of Finance of the Russian Federation proposes to ban the trading of cryptocurrencies on unlicensed platforms. Also, only certified cryptocurrency wallets will be allowed.
Officially, the bill “On Digital Currencies” has not yet been published, but CoinDesk managed to get access to the document. It emphasizes that residents of Russia will be able to trade only on licensed sites. That is, even P2P transactions will be prohibited. As lawyer Mikhail Uspensky noted, the draft law presents the most serious and comprehensive approach to regulation that he has seen over the past five years.
To obtain a license, a cryptocurrency company will have to have at least 100 million rubles in its accounts. Also, the site must comply with the requirements for the provision of financial statements and other regulatory procedures for traditional businesses, including the transfer of information about users and transactions to Rosfinmonitoring. Users will only be able to trade on licensed platforms using a Russian bank account.
Special attention is paid to miners in the document – they will have to submit reports to the tax service, and large companies will have to register in a special register. Miners whose energy consumption exceeds a certain threshold will be considered large. However, this threshold is not specified in the bill. In addition, cryptocurrency platforms will be required to separately report transactions received from miners’ wallets.
Earlier, The New York Times experts expressed the opinion that without digital assets, Russia cannot survive the US sanctions, so the authorities are trying to speed up the regulation of cryptocurrencies in the country as much as possible.
Source: Bits
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