Russia releases draft bill on regulating the circulation of digital currencies
According to Kommersant, Russia has released a new draft law that confirmed that cryptocurrencies can be accepted as “a means of payment in a non-state currency” and as an investment, but not those tokens that are managed by centralized companies or individuals. The draft bill has been finalized by the Ministry of Finance and consists of a detailed regulatory framework.
The details of the draft
The concept of professional and non-professional purchasers has also been introduced in the draft bill and as per industry experts, the document also new opportunities for miners in Russia who need to get out of the "gray zone." The legal definition and terminology for digital assets and their circulation were also included under the scope of the bill. The document also calls for requirements for identification, accounting, and certification.According to the draft law, digital currency can be accepted “as a means of payment that is not the monetary unit of the Russian Federation”, as well as as an investment, while there must be no obligated person in relation to it.As per the draft bill, the circulation of digital assets can be carried out by an exchange operator (with a capital of at least 30 million rubles) and an operator of a digital trading platform (at least 100 million rubles). Regarding these two platforms, Kommersant reported that the document fixes quite strict requirements for both operators:
The first will carry out the purchase and sale of digital currency “on its own behalf and at its own expense by publicly announcing prices,” and the second will conduct organized auctions.
Binance to operate in Russia?
According to Chen Limin, CFO and Head of Trading Operations at ICB Fund, the world's biggest crypto exchange which recently expanded in Abu Dhabi, might become a likely candidate for landing in Russia if "the next sanctions do not directly prohibit it from working with the country as a whole."In regards to exchanges, the document stated that citizens of Russia can register themselves on foreign exchanges but they cannot use any exchange without identification. Furthermore, the exchanges will have to team up with regional banks to provide their services.
A positive outcome for miners in Russia
The crypto miners in Russia might benefit from this draft bill. Furthermore, the draft law considers in detail the mining process that legal entities and individual entrepreneurs will be able to carry out after being included in the relevant register. Furthermore, data centers can be provided for use for mining if it is owned by a Russian legal entity and the taxation for miners will be set separately.Continue reading by joining Cryptonary Pro
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