With the new law that Russia wants to implement, cryptocurrency traders will need to pass an exam to purchase above a certain limit.
In addition, authorities oversee cryptocurrency mining using cheap energy at home. bitcoin will prevent mining.
Strict Rules for Cryptocurrency Industry Are Coming With The New Law
Russian authorities are working on a bill to fill legal loopholes in the crypto industry.
With the bill, crypto investors who want to invest a total of more than 600,000 Rubles ($7,700) annually will have to pass a special exam.
Andrey Lugovoy, Deputy Chairman of the Parliamentary Security and Anti-Corruption Commission, one of the architects of the law, said in his speech to the local newspaper that with the new law, the sector will be subject to stricter control.
According to Lugovoy, the bill will reach the Russian State Duma in the spring session.
Before that, the draft law will be discussed with the relevant ministries, law enforcement officers and market representatives.
If any changes are required, a working group consisting of members of the Duma and representatives of state institutions, including the Bank of Russia, will approve the change.
The country’s monetary authority, the Central Bank of Russia, recently had a disagreement with other country officials regarding cryptocurrencies.
The full-blown ban the central bank requested for the crypto sector did not find support from executives in Moscow.
Cryptocurrency Mining and Exchanges Will Be Regulated With The New Law
Andrey Lugovoy announced that with the new bill, regulations will also be made for cryptocurrency mining in the country.
After the Bitcoin mining ban in China, one of the new stops of miners was Russia.
In addition to mining companies in the country, ordinary people living in energy-rich regions also started mining Bitcoin at home thanks to cheap electricity.
Demanding the application of the electricity fee tariff applied to enterprises instead of cheap electricity for such miners, Lugovoy announced that domestic mining activities will be stopped.
At the end of December, the country’s federal government made it possible for local governments to raise the electricity fee for citizens who exceeded a certain electricity consumption level.