Published: 28.04.2022
Article reading time:
2 minutes.
The FSB, the Ministry of Internal Affairs, Rosfinmonitoring and the Federal Tax Service have proposed changes to the draft law of the Ministry of Finance on the regulation of cryptocurrencies in Russia. The department agreed with some additions, while rejected others.
According to Izvestia, the Federal Security Service of the Russian Federation (FSB) has proposed a rule to be written into the law, according to which cryptocurrency exchanges and wallets working with Russian users will provide information to law enforcement agencies along with the courts. The security forces also noted that it is necessary to agree on the requirements for the storage and protection of information on the circulation of digital assets.
Representatives of the Ministry of Internal Affairs of the Russian Federation (MVD) expressed concern about the lack of clarity in the process of seizing cryptocurrencies – the document does not regulate the operation of cryptocurrency exchanges after receiving a court order to seize assets. Also, the creation of a special wallet in the Ministry of Internal Affairs for storing confiscated assets and the storage process itself are not regulated.
The Federal Tax Service of the Russian Federation (FTS) believes that it is necessary to tighten the regulation of cryptocurrency exchanges and wallets that are not licensed to operate in the Russian Federation. In particular, such firms are offered to completely ban advertising in Russia.
The Ministry of Finance recognized the logic in the above additions. But proposals to tighten the regulation of cryptocurrencies, including mining, did not find a response in the Ministry of Finance. For example, the FSB proposed to oblige miners to immediately transfer the received cryptocurrency to a licensed cryptocurrency exchange. However, the initiative was not supported by the Ministry of Finance.
Also, the department did not support the addition by the FSB, in which the security forces proposed to further regulate the activities of cryptocurrency wallets and mining pools. The Ministry of Finance emphasized that excessive and detailed regulation of the market is not yet advisable – this can scare off investors and customers.
The bill continues to be finalized and it is expected that it will get to the State Duma next month. Earlier, the Central Bank of the Russian Federation proposed to allow stock exchanges to organize trading in digital financial assets (DFA) and utilitarian digital rights (DCR).
Source: Bits
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