Russian government approves plan to regulate cryptocurrency - regulation
Russian government approves plan to regulate cryptocurrency - regulation
The Federal Government in Moscow has already adopted a concept for regulating the Russian cryptor room this month. The new framework is intended to provide cryptocurrency flows under state supervision, introduce strict obligations for market participants and ensure investor protection.
Russian authorities move to legalize crypto economy
The Russian government "has determined the future of digital currencies in Russia", announcement published on late Tuesday. The executive in Moscow stated that it was planned to integrate the circulation of cryptocurrencies into the Russian financial system. The cabinet also aims to obtain control over crypto -related streams in the banking system.
The Federal Government wants to allow the operation of cryptoplate forms as part of a license regime in accordance with the opinion of the Ministry of Finance. In order to protect the rights of Russian citizens, investors are divided into qualified and non-qualified classes, while crypto service providers are obliged to meet certain capital and liquidity requirements. You will also be commissioned to inform Russians about relevant risks.
This regulatory approach is in contrast to that of the central bank of Russia Isolation among the Russian institutions, most of which Prohibition and reject your concerns about financial stability.
also participated in the discussions in Russia's financial supervisory authority Rosfinmonitoring, the federal tax service, the Ministry of Economic Development, the Interior Ministry, the Federation and the Attorney General. The Russian government emphasized:
The implementation of the concept will ensure the creation of the necessary regulatory framework, get the digital currency industry out of the shade and create the opportunity for legal business activities.
Ministry of Finance and Bank of Russia design a crypto law
, citing the protocol of a meeting organized by the government, the business news portal RBC reported that the deputy prime minister and chief of staff Dmitry Grigorenko approved the regulation concept . He also instructed Finance Minister Anton Siluanov to instruct his department to prepare new laws together with the Bank of Russia. A draft law tailored to the implementation of the plan is to be presented by February 18, 2022.
In the core of the Ministry of Finance, there is a requirement to handle all crypto -related operations via domestic banks. At the same time, the department also wants to authorize foreign stock exchanges for digital assets to work on the Russian market if they open an office or register a company in the Russian Federation.
The Ministry of Finance believes that this would enable the regulatory authorities identify Russian cryptocurrency users. According to calculations in the document, Russian citizens have 12 million crypto money exchanges that hold 2 trillion rubles in digital coins ($ 27 billion). Citing allegedly knowledgeable sources, Bloomberg recently reported Alternative estimate mentioned during the consultations indicates that Russians have over 16.5 trillion rubles in cryptocurrency ($ 215 billion).
Last yearalso increased Russia's importance on the crypto mining map. The energy-rich land is now in third place in relation to the mining capacity, and the officials in Moscow want to tap the profits of this sector recognize it as an economic activity and tax it accordingly. Another media report has that the government is expected to have a total of $ 13 billion in the entire to maintain Russian crypto economy.
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