The Ministry of Economy of the Russian Federation proposes to clarify the requirements for crypto service providers

The Ministry of Economic Development of Russia asks colleagues from the Ministry of Finance to clarify the terminology and provisions on market operators in the draft law on the regulation of cryptocurrencies.

The Ministry of Economy has conceptually supported the bill “On Digital Currency”, the ministry’s press service reported. However, the Ministry of Economics believes that it is impossible to pass a law without several important amendments.

“Certain provisions of the bill need to be improved. In particular, the concept of mining, the procedure for paying for digital currency, and individual requirements for persons who are digital currency exchange operators and operators of digital trading platforms need to be clarified,” the ministry said.

Representatives of the Ministry of Economy submitted their recommendations to the Ministry of Finance and are now waiting for comments on the comments from the authors of the project.

Recall that on February 18, the Ministry of Finance sent the bill “On Digital Currency” to its colleagues in the government for approval. The use of cryptocurrencies as a means of payment for goods and services in Russia, according to the document, will be prohibited. The amount of investments in cryptocurrencies is proposed to be limited to 50,000 rubles.

In turn, the Central Bank of the Russian Federation sent its version of the project to the Ministry of Finance, where it proposed to ban the circulation of any cryptocurrencies, both issued in Russia and abroad. At the same time, fines of up to 500,000 are offered for individuals.
rubles, and for legal entities up to 1 million rubles. The Central Bank proposes to ban any advertising of digital assets. Earlier, Russian President Vladimir Putin instructed ministries and departments to come to a common solution to the issue of regulating cryptocurrencies in the Russian Federation.