Russia proposes to ban the advertising of cryptocurrencies

The provision is included in the draft law on the regulation of mining, submitted to the State Duma at the end of October

18.11.2022 - 07:00

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What’s new? A draft law on the regulation of mining and the subsequent sale of digital assets, which establishes a ban on the advertising of cryptocurrency, was submitted to the State Duma of the Russian Federation. According to the document, from January 1, 2023, it will be allowed to sell mined cryptocurrency both on foreign platforms and in Russia — through a special platform, which will be created under the law on experimental digital regimes. In this, it will be necessary to notify the Federal Taxation Service when selling crypto assets inside and outside the country.

Link to the electronic database of the Parliament

What else does the document say? Requirements for the activities of individuals and legal entities involved in cryptocurrency mining will be set by the government in consultation with the Bank of Russia. Control over compliance with the specified requirements for the activities of miners, including participants of mining pools, will be carried out by the federal body of executive power, authorized by the government.

The document on the regulation of mining, taking into account the position of the Central Bank and the Ministry of Finance, was submitted to the State Duma on October 27. It prohibits the use of cryptocurrencies as a means of payment within the country. Earlier, including due to the possibility of legalization of cryptocurrencies as a means of payment, the draft law of the “New People” party was rejected, the deputies noted that this provision contradicts the Constitution.

In late October, Deputy Anatoly Aksakov noted that the government may allow the circulation of digital assets within the country as part of the experimental legal regimes.

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