The Russian government and central bank have reached an agreement on how to regulate cryptocurrencies.
Shared from the official website of the Russian government February 8 The Russian government and the country’s central bank have reached an agreement to draft a bill recognizing cryptocurrencies as a currency and amend existing laws, according to the document.
local news agency concertman According to the news announced by the government and the central bank together February 18 Until today, crypto rather than digital financial assets “analogue of currencieswill define as a bill will prepare.
According to the document, the use of crypto as fiat currency will only be possible after appropriate identity checks through the country’s banking system or licensed intermediaries; and 600,000 rubles (an average of $8,000) will need to be reported. Taking action outside of the recommended legal actions will be considered a criminal offence. Fines are expected in case of illegal use of cryptocurrencies as a means of payment.
“The establishment of a ban, as well as the full regulation of this industry, will lead to an increase in the share of the informal economy and cases of fraud, as well as destabilization of the industry as a whole,” the document states. statements were included.
For foreign cryptocurrency exchanges to operate in Russia, they must be licensed in the country where they are registered and have a representative office in Russia. In addition, stock exchanges registered in tax haven countries will be completely banned from operating in the country.
The implementation of these actions in the document the establishment of the necessary regulatory framework, the elimination of the digital currency industry from the informal sector and the possibility of legal business activities. stated that it will provide
In the decision process Ministry of Finance, Federal Security Service, Ministry of Internal Affairs and Federal Tax Service Many Russian regulators, including