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The Ministry of Finance of the Russian Federation Created a Bill "On digital currency"

23 February 2022 08:34, UTC
Denis Goncharenko

On February 18, the Ministry of Finance of Russia prepared and submitted to the parliament a bill on the regulation of cryptocurrencies. The draft version of the law was developed on the basis of the approved concept for regulating the circulation of digital currencies.

It is assumed that payment for goods and services with cryptocurrencies will be prohibited – the bill considers digital currencies only as an investment instrument.

The bill specifies the requirements for exchanges and OTC desks, a description of a special register of cryptocurrency operators, as well as the identification and qualification of users of the crypto market. Operations with the purchase or sale of cryptocurrency will be possible only if the client is identified. Cryptocurrency deposits and withdrawals will only be possible via a bank account. Thus, customer identification will be carried out both by operators when accepting customers for service, and by banks when opening a bank account. The definition of mining as an activity aimed at obtaining cryptocurrency is also specified.

In addition, the bill describes a mechanism for informing the tax authorities of the information necessary for them to exercise control and supervisory functions.

Earlier, the Central Bank of the Russian Federation proposed a complete ban on the circulation of cryptocurrencies in the country and the introduction of fines for individuals and legal entities. At the end of January, Russian President Vladimir Putin asked the government and the Bank of Russia to come to a consensus on the regulation of cryptocurrencies, but regulators have not yet developed a single position on the issue.