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Russia imposes cryptocurrency regulation

Russia imposes cryptocurrency regulation

The bill provides for the creation of multilateral regulation of the crypto market, including the procedure for transactions with digital currencies and their issuance, as well as determining the specifics of the activities of crypto market subjects.

According to RBC, a new version of the Ministry of Finance bill "On digital currency," describing the crypto market regulation, amplifies the prohibitions set forth in the law "On Digital Financial Assets." According to the document, which ended up in the editorial, it follows that the bill:

  • Confirms the ban on cryptocurrency payments for goods, works, and services;
  • Prohibits the cryptocurrency exchange beyond authorized exchangers;
  • Prohibits the use of uncertified cryptocurrency wallets. The government determines the certification procedure for wallets;
  • Prohibits illegal transactions - for example, exchange of cryptocurrencies by individuals, transfers using cold wallets, etc.

The bill also provides for the introduction of new licenses for digital currency exchange operators and digital trading platform operators. In theory, foreign exchanges could register and obtain a license in Russia. Still, it would not be easy since it is necessary to open an account in a Russian bank for Russian money, to keep trading records according to Russian regulations, etc. It is required to pay taxes on all transactions. It is still unclear how exactly the taxes should be calculated and paid. Most likely, this will require a separate law. 

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