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Russian Ministry of Finance is actively working on a final crypto regulation bill

Russian Ministry of Finance is actively working on a final crypto regulation bill
Jordan Major

The ongoing matter of the circulation of digital currencies and the mining of such assets in Russia has been a talking point for some time now.

The draft legislation on regulating the circulation of digital currencies in Russia, finalized by the Ministry of Finance, provides a rigorous regulatory framework and, for the first time, addresses crypto mining in detail, according to a report by the Russian news outlet Kommersant on April 15.

In particular, the document “On Digital Currency” introduces the concepts of professional and non-professional purchasers and the need to evaluate products, the rules of trade, and mining. 

Experts feel that the document offers up new chances for miners who need to transition out of the gray zone; some, on the other hand, believe it has the potential to “push investors into the illegal market,” and that the criteria for trading operators are too excessive.

As noted by the experts questioned, the introduction of a huge number of procedures for identification, accounting, and certification will have no impact on crypto transactions that take place outside of the Russian infrastructure.

Crypto to be accepted as a means of payment

According to the draft law, digital currency can be accepted “as a means of payment that is not a monetary unit of the Russian Federation,” as well as an investment. Interestingly, Finbold first reported back in December that Russia wouldn’t ban crypto but sought to regulate the circulation of digital assets.

Blockchain lawyer Mikhail Uspensky considers the requirements for operators to be “extremely overestimated” and that “only the largest credit and financial organizations in the country” will be able to fulfill them.

Russia’s legal companies are the only ones that may claim to be both operators. In order to receive a license to operate in the Russian Federation, foreign cryptocurrency exchanges must establish an economic entity in the country.

According to Andrey Tugarin, general partner of the GMT Legal law firm, Russians are not forbidden from registering with international exchanges and utilizing their services, but:

“It will be impossible to sell or buy digital currencies without identification. It will be possible to withdraw fiat currencies to the operator only through banks using a bank account.”

The Russian Federation has decided to go down the route of legalizing cryptocurrencies and their exchange. With this, some consider Russia as an appealing jurisdiction for mining because of the low cost of power and that further legalization of the status would enhance the demand for this activity. 

Only time will tell whether or not the effort will help the development of new key companies in the cryptocurrency market and make it feasible for an increase in investments in the sector. 

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