Russian government designs timetable for regulation, not to ban crypto, report - regulation

A roadmap on cryptocurrencies was drawn up by a number of ministries, supervisory authorities and law enforcement authorities, reported Russian media. The document that aims to regulate the Russian cryptom market by the end of this year comes in the middle of disagreements between the central bank and other government institutions about the future of decentralized digital money in Russia.

Moscow wants to issue rules for cryptocurrencies

Shortly after the Russian President Vladimir Putin pushed over a consensus about the regulation of The deputy Prime Minister Dmitry Chernyshenko has reported a timetable this year to regulate cryptooperations in Russia instead of banning it. The Economic News Portal RBC brought the message to a copy of the document and a source near the working group that created it.

The targets listed in the roadmap were supported by everyone involved with the exception of the CBR. Last week the Bank of Russia shared its view on this topic in a with Consultation paper. It called for the imposition of A Lockal prohibition to crypto-related activities, including payments, exchange and Mining, citing threats to the financial stability of the country and risks for its citizens.

The hard attitude of the currency authority was met Opposition from other Russian institutions. The Ministry of Finance insisted that a ban on cryptocurrencies was impossible and that regulation is necessary to limit the risks and increase household income through taxation. Ivan Chebeskov, head of the ministry department, emphasized:

Regulation will only create transparency that guarantees the protection of citizens.

regulations proposed by the Russian Ministry of Finance are considered to be compliant with the FATF standards

The treasury presented its own regulatory concept. It suggests that all crypto -related transactions about licensed Russian banks and registered stock exchanges and views should be carried out for the introduction fatf-standards ."

According to the Roadmap, the Ministry of Finance is to set up a control system for organizers, operators and customers of peer-to-peer platforms by May. The tax authorities will also develop a regulatory system for providers of cryptodes, determine the legal status of market participants and appoint a regulatory authority.

The FATF standards for virtual assets are to be adopted in the Russian regulatory framework by November. And by December, the registration and registration mechanisms for organizations must be completed that facilitate the circulation of digital currencies in the Russian Federation.

The next step will be the introduction statutory liability for criminal offenses related to Cryptocurrencies, including administrative or criminal liability for the bypass of declaration of crypto transaction data. The government also wants to set up a mechanism in order to check the correctness of the submitted information about the ownership of digital assets. Reporting obligations are included in a new law.

In the meantime, the State Duma Financial Market Committee, the lower house of the Russian Parliament, has started working on a draft law to regulate cryptocurrencies, his chairman Anatoly Aksakov told Ria Novosti. As soon as the draft law has been completed, it is presented to the Ministry of Finance and the Bank of Russia for further discussion, the high -ranking MP added.

Do you believe that Russia will implement the timetable for regulating cryptocurrencies? Tell us in the comment area below.

lubomir Tassew

lubomir Taskensev is a journalist from the technically experienced Eastern Europe, to the Hitchen's quote: "To be a writer is what I am and not what I do." In addition to crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

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