Ministry of Finance Proposes Cryptocurrency Transparency Bill

The Ministry of Finance and the Central Bank of the Russian Federation submitted to the government a bill on the regulation of cryptocurrencies.

The agency proposes to identify all buyers of cryptocurrencies, introduce testing for investors and limit the number of funds that a citizen can invest in cryptocurrencies.

According to the proposals of the Central Bank, the organization of the issuance and circulation of private digital currencies in Russia should be prohibited. Cryptocurrencies are proposed to be considered solely as an investment tool.

Investors will be required to complete online testing before acquiring cryptocurrencies. Upon successful completion of testing, citizens will be able to invest in digital currencies up to 600 thousand rubles annually. If the test is not passed, then the maximum amount of investments will be limited to 50 thousand rubles.

A specially authorized body under the government will be created to regulate the activities of cryptocurrency exchanges and exchangers in the country. Foreign exchanges will have to register in Russia to obtain a license.

Operations with the purchase or sale of cryptocurrency will be possible only if the client is identified. Deposit and withdrawal of cryptocurrency from the client to the operator and vice versa will be possible only through banks using a bank account.

The dissemination of information about cryptocurrencies and their release in the country should also be prohibited.

For violation of prohibitions, the regulator offers a system of fines for individuals and legal entities – from 50 thousand rubles to 1 million rubles.

Source: https://www.rbc.ru/finances/21/02/2022/621335a49a794781070e6eda

Dan Taylor
Dan Taylor is an experienced SEO consultant and has worked with brands and companies on optimizing for Russia (and Yandex) for a number of years. Winner of the inaugural 2018 TechSEO Boost competition, webmaster at HreflangChecker.com and Sloth.Cloud, and founder of RussianSearchNews.com.