The Ministry of Finance of the Russian Federation introduced a bill on the regulation of cryptocurrencies to the government

The Ministry of Finance of the Russian Federation prepared and introduced the bill “On digital currency” to the government. This was reported on the website of the department.

The document was developed on the basis of the approved concept of regulation of cryptocurrency turnover.

According to him, the use of cryptocurrencies as a means of payment in the territory of the Russian Federation is prohibited – such assets are considered exclusively as an investment tool.

The bill establishes requirements for cryptocurrency exchanges and exchangers. They will create a special register of operators for them.

Companies will oblige to receive licenses, they are offered to fix control over them for the authorized body determined by the government. Foreign exchanges will have to register in the country to obtain a work permit in the Russian Federation.

Requirements for such companies will affect corporate management, reporting, storage of information, internal control and audit, risk management systems and their own means.

According to the proposal of the Ministry of Finance, the entry and withdrawal of cryptocurrency is carried out only through banks.

Cryptocurrencies will only be allowed when identifying the client. It will be carried out both by operators when receiving customers for service and banks when opening an account.

Operators and banks will oblige to inform about the identified suspicious operations of Rosfinmonitoring.

Potential investors before buying cryptocurrencies will have to go online to determine the level of knowledge about the specifics of cryptocurrencies.

With a successful test, citizens allow citizens to invest in digital currencies up to 600,000 rubles annually. Otherwise, the maximum amount of investments will limit 50,000 rubles. The Ministry of Finance had previously talked about the establishment of limits for unskilled investors.

Qualified investors and legal entities will be able to perform operations without limits.

Exchange will oblige them to separate cryptocurrencies from customer assets. It is assumed that digital currencies of citizens will not be able to recover from the debts of the operator of the trading platform.

The funds of the bidders will be in nominal accounts, and exchanges and exchangers will oblige registers with the address of the identifier of each owner of the crypto activists.

The document also enshrines the definition of mining as activities aimed at obtaining cryptocurrencies. The bill also prescribes a mechanism for informing the tax authorities “the information necessary for their control and supervisory functions”.

The Ministry of Finance emphasized that they received the CoinShares запустила proposals of the Central Bank to ban the release and appeal of cryptocurrencies and the introduction of responsibility for the corresponding offenses.

“The issues of the Bank of Russia received will be taken into account when further work on the bill in terms of the not contrary to the approaches of the Ministry of Finance of Russia,” the department noted.

The ministry sent its bill on February 18 to the government, then public discussions of the document began.

Recall that the Central Bank of the Russian Federation prepared two bills on the ban on cryptocurrencies and fines up to 1 million rubles.

The Central Bank takes a tough position in relation to bitcoin market, while the Ministry of Finance intends to regulate the industry.

Read a detailed analysis of the concept proposed by the Ministry of the Concept by the link below:

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