The circulation of digital currencies and the mining of such assets are among the topics that have been discussed in Russia for a while. Recently, however, following the ongoing crisis with Ukraine, the country has been accelerating its moves on crypto.
The draft by the Ministry of Finance provides a strict regulatory framework
According to a report by Russian news outlet Kommersant on April 15, the bill finalized by the Ministry of Finance on regulating the circulation of digital currencies in Russia provides a strict regulatory framework and is for the first time. crypto miningconsiders in detail.
In particular, the “On Digital Currency” section of the bill introduces the concepts of professional and non-professional customer buyers, as well as the need to evaluate products, trading laws and mining.
Experts think the document offers new opportunities for miners who need to get out of the gray zone; however, some believe it has the potential to “push investors into the illicit market” and that the standards for trade operators are too stringent.
As stated by the experts who were informed about the subject; The introduction of a large number of procedures for identification, accounting and certification will have no impact on crypto transactions that take place outside the Russian infrastructure.
Crypto will be accepted as a means of payment
According to the bill, digital currencies are “a non-currency unit of the Russian Federation. means of payment” can be considered as a investment can also be considered. Interestingly, he reported late last year that Russia is not going to ban cryptocurrencies, but is trying to regulate the circulation of digital assets.
Blockchain lawyer Mikhail Uspensky thinks the standards required for operators are “too exaggerated” and that “only the largest credit and financial institutions in the country” can meet them.
Only legitimate Russian companies can claim to be both operators and investors. Foreign cryptocurrency exchanges must establish an economic presence in the Russian Federation in order to be licensed to operate in the country.
Andrey Tugarin, general partner of GMT Legal law firm, stated that according to the bill, Russians are not prohibited from registering on international stock exchanges and using its services, but he added:
“Without identity, it will be impossible to sell or buy digital currencies. It will be possible to withdraw fiat currencies to the operator only through banks using bank accounts.”
The Russian Federation has decided to move forward on the legalization of cryptocurrencies and cryptocurrency exchanges. As a result, some see Russia as an attractive jurisdiction for mining due to its low energy cost, and it is believed that further legalization of this status will increase demand for this sector.
Only time will tell whether these efforts will help develop new key companies in the cryptocurrency market and enable increased investment in the industry.