The government has determined the future of cryptocurrencies in Russia

The authorities plan to introduce strict regulation for all market participants

09.02.2022 - 10:55

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1 min

What’s new? The Russian authorities are calling for the introduction of strict regulation of the cryptocurrency market and to ensure control over the circulation of digital assets at all levels. A preliminary concept has already been formulated and published on the website of the Government of the Russian Federation.

News source on the Government website

What laws are planned to implement? The published document entitled “Concept of legislative regulation of the mechanisms for organizing the circulation of digital currencies” lists the main theses of the regulation of the sphere of cryptocurrencies.

First of all, the Government will establish mandatory licensing of cryptocurrency platforms with the implementation of mandatory requirements for the availability of liquidity and financial guarantees. In addition, the authorities plan to divide all investors into two categories: qualified and unqualified, with the implementation of a number of restrictions for the second category.

A roadmap for market regulation was developed with the participation of such entities as the Ministry of Finance, the Bank of Russia, the Federal Financial Monitoring Service, the Federal Security Service, the Ministry of the Interior, the Federal Tax Service, the Ministry of Economic Development, and the Prosecutor General’s Office. Following the results of its adoption by February 18, the Ministry of Finance and the Bank of Russia have to prepare directly the draft law on the regulation of digital assets. As was mentioned earlier, the authorities estimated the possible revenue from taxes on cryptocurrencies in Russia at 1 trillion Russian rubles.

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