Ministry of Finance finalized the bill on regulation of cryptocurrencies in Russia

Ministry of Finance finalized the bill on regulation of cryptocurrencies in Russia

The Russian Ministry of Finance has finalized a bill on the regulation of digital currencies. For the first time, it touches on Mining. It also introduces the concept of professional and non-professional acquirers, as well as mandatory testing.

The document will allow miners to leave the gray zone, but it could “drive investors into the black market”, and the requirements for trading operators look “harsh”, Kommersant learned.

Two sources in the industry confirmed the document’s authenticity; the Finance Ministry did not respond to a request. According to the draft law:

Experts believe that the requirements for identification, accounting and certification will not affect transactions with cryptocurrency outside the information infrastructure of the Russian Federation. Citizens will be able to register and use the services of foreign exchanges, they added.

In February, the volume of the Russian cryptocurrency market was estimated at $214 billion, or 16.5 trillion rubles. This figure was derived by analyzing the IP-addresses of users of cryptocurrency exchanges.

On January 20, 2022 the Central Bank proposed to ban in Russia the circulation of cryptocurrencies and mining, as according to the regulator, they are a risk to citizens, financial stability and economic security.

On January 25, the Ministry of Finance opposed the proposal of the Central Bank, calling to regulate cryptocurrencies, rather than ban them. On January 26, President Vladimir Putin asked the Ministry of Finance and the Central Bank to resolve their differences, but did not express his opinion on cryptocurrencies.

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President Vladimir Putin has tacitly supported the idea of taxing and regulating mining in Russia and rejected the Central Bank’s proposal for a complete ban on cryptocurrencies. Mining may be allowed in regions with a surplus of electricity, such as the Irkutsk region, Krasnoyarsk Territory and Karelia

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Written by Renat
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