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Odaily Translator | Nian Yin Si Tang

Summary:

Summary:

- The announcement on the draft bill did not specify details on the two categories of individual investors.

The Russian Ministry of Finance has submitted a draft cryptocurrency regulation to the government. In a statement released on Monday, the Russian Finance Ministryexpressexpress

, the proposal would allow Russians to invest in assets such as bitcoin, but has not yet allowed purchases using these assets.

The Bank of Russia's objections "will be taken into account in the further work on the bill, as long as they do not contradict the Treasury's approach," the finance ministry said.

The Russian government and central bank have been arguing about cryptocurrencies for quite some time and have yet to come to an agreement.

Last month, the Ministry of Financeexpressexpress, "It is necessary to allow" the development of cryptocurrency technology, and just a week ago, the Central Bank of Russiacall for a ban

Soon after, Russian President Vladimir Putinexpressexpress

, Russia has “a certain competitive advantage” in cryptocurrency mining due to “the country’s excess electricity and the presence of highly trained personnel,” and called for a consensus between the Ministry of Finance and the Central Bank.

“The Russian Federation will continue to prohibit the use of digital currencies as a means of payment. Within the proposed regulatory framework, digital currencies are only considered as an investment tool,” the statement stated.

Ahead of the submission of the draft bill, the Ministry of Finance has officially launched work on the country’s cryptocurrency regulation bill, with the first public announcement on the Federal Law Portal. The Russian Ministry of Finance has filed two development notifications announcing the start of the development of a legal framework for activities related to the trading of digital currencies and their issuance.The first notice, titled “Regarding Digital Currencies,” informs the government on the rules governing the trading of digital assets.Initiate a public consultation

, inviting proposals from financial market participants, citizens and legal entities. The second notice details a similar process for possible amendments to other federal laws that may be required for “digital currencies.”

According to the notice, the ministry expects to complete the public consultation on the encryption bill by March 18.

In the latest statement, the Ministry of Finance explicitly mentioned that for cryptocurrency exchanges to continue operating in the country, they must comply with specific rules, including relational corporate governance, information storage, internal controls and audits, risk management systems, and exchange ownership. amount of own funds. Furthermore, once the bill is approved, the sale of cryptocurrencies will only be approved if the identity of the customer is known. The bill states that operating banks that will conduct transactions between accounts will need to follow compliance procedures and notify authorities of suspicious transactions.

Citizens seeking to invest in cryptocurrencies will be required to pass an exam testing their investment knowledge, the statement said. Those who pass the test can invest 600,000 rubles ($7,505) a year in the cryptocurrency, while those who fail can invest only 50,000 rubles ($627.75) a year.

The crypto industry in Russia is huge, especially Bitcoin mining. Currently, Russian miners provide more than 10% of the computing power of the Bitcoin network.