Russia’s Finance Ministry has prepared its concept for regulation of cryptocurrencies

The agency’s position has already been supported by the Rosfinmonitoring

27.01.2022 - 12:15

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What’s new? The Ministry of Finance of Russia has prepared a concept for the regulation of cryptocurrencies in the country. It implies the conduct of transactions with digital assets through banks, users identification, and tracking operations. This is reported by RBC citing a document and a letter from the ministry to the Deputy Prime Minister Dmitry Chernyshenko.

Material on the RBC website

What does the concept of the Ministry of Finance say? The agency believes that a total ban on cryptocurrencies proposed by the Bank of Russia is impossible. In this case, the share of the shadow economy will only grow, as well as cases of fraud with virtual assets.

At the same time, the regulation of the crypto industry, according to the Ministry of Finance, will allow “to minimize the threat to the stability of the financial system and reduce the use of cryptocurrencies for illegal purposes.”

Who supports the Ministry of Finance’s position? The agency has proposed to divide the regulation of the crypto industry between the Central Bank, the Ministry of Finance, the Federal Tax Service, the Ministry of Digital Development, the Prosecutor General’s Office, and Rosfinmonitoring (the Federal Financial Monitoring Service). The latter authority has already come out in support of the concept of the Ministry of Finance, Rosfinmonitoring’s press service says, TASS reports.

Material on the TASS website