The Ministry of Finance of the Russian Federation believes that crypto assets can only be used as an investment object.
On February 18, officials of the Ministry of Finance sent the draft law “On Digital Currency” to their 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 project spells out the requirements for cryptocurrency exchanges and exchangers (“operators”). A special register will be developed for them. The rules govern reporting, data storage, control and auditing, risk management systems and required capital.
The operation of cryptocurrency companies will be registered and subject to the supervision of regulators chosen by the government. Foreign crypto companies will be required to obtain a license in order to obtain a permit to work in the Russian Federation.
According to the document, only identified users will be able to trade cryptocurrency. Replenishment of wallets on the exchange and withdrawal of assets will have to be carried out through banking organizations.
Therefore, not only cryptocurrency exchanges, but also banks will participate in establishing the identity of the user. Together, they must check user activity for compliance with legal requirements and report suspicious transactions to Rosfinmonitoring.
Cryptocurrency exchanges will have to warn users about the high risks of investing in cryptocurrencies. Trading platforms are required to allow only users who have passed online testing to determine the required level of knowledge to trade cryptocurrencies.
At the same time, the amount of the annual amount of investments in digital assets should not exceed 600,000 rubles. If the user has not passed the test, the amount of investment will be limited to 50,000 rubles.
The draft law states that qualified and institutional investors will conduct transactions without any restrictions. Trading platforms will have to separate the storage of their own cryptocurrency and the cryptocurrency of users. This will allow, if necessary, to collect any debt from the exchange only from assets owned by the exchange itself. The authors of the bill assure that they are trying to create a legal market for cryptocurrencies with clear regulations on turnover and the circle of participants.
The Bank of Russia does not stop its attempts to completely ban digital assets. Last week, the Central Bank of the Russian Federation introduced a bill prohibiting the issuance and circulation of cryptocurrencies in Russia. Finance Minister Anton Siluanov disagreed with the document and said the ban would harm the economy. Against the backdrop of confrontation between regulators, the Association of Banks of Russia (ADB) has created a special expert center for digital financial assets. Olga Goncharova, GR director of Binance in Russia and the CIS, became the head of the center. A little earlier, Garegina Tosunyana, president of the Association of Russian Banks, said that tracking transactions with cryptocurrencies would not be a problem for financial institutions in Russia.
Source: Bits
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