Russian Ministry of Finance has sent to the country’s government a draft federal law “On Digital Currency”, which legislatively prescribes the norms of the concept of regulating the cryptocurrency market in the country.
It is planned that with successful testing, citizens will be able to invest in digital currencies in the amount of up to 600 thousand rubles annually. If the test is not passed, then the maximum amount of investments will be limited to 50 thousand rubles.
“Qualified investors and legal entities will make transactions without restrictions,” the materials say.
The use of digital currencies as a means of payment in the territory of the Russian Federation is still prohibited. As part of the proposed regulation, digital currencies are considered exclusively as a tool for investment.
The bill also prescribes requirements for cryptocurrency exchanges and exchangers. A special register of operators will be created for this purpose. The requirements relate to corporate governance, reporting, information storage, internal control and audit, risk management system and the number of own funds.
“The activities of such companies will be licensed and controlled by an authorized body determined by the government. Foreign cryptocurrency exchanges will have to register in Russia to obtain a license,” the report says.
Transactions with the purchase or sale of cryptocurrencies will be possible only if the client is identified. The entry and withdrawal of cryptocurrencies from the client to the operator and vice versa will be possible only through banks using a bank account.