According to it, the turnover of digital assets will be brought out of the shadows and integrated into the country’s financial system.
The government approved the concept of legislative regulation of the circulation of digital currencies in Russia. As noted in the official statement of the Cabinet of Ministers, it involves the imposition of strict obligations on all participants in the professional market and is focused on protecting the rights of ordinary investors.
According to the concept, the circulation of cryptocurrencies will be brought out of the shadows and integrated into the country’s financial system. Thus, the state will be able to control the cash flows revolving in the industry.
It is assumed that only banks with a universal license that have the right to conduct operations for opening and maintaining bank accounts of individuals and legal entities will be able to organize the exchange of cryptocurrencies.
Crypto exchanges will be required to work through Russian legal entities and comply with the requirements of the federal law “On countering the legalization (laundering) of proceeds from crime and the financing of terrorism.”
Russians will be able to legally purchase and sell cryptocurrencies on only those foreign exchanges that have a representative office in Russia and have made technical integration with the system of the Russian organizer of the digital currency exchange system.
The government intends to divide investors in cryptocurrency into qualified and unskilled. For unqualified investors, limits on transactions will be set.