Digital currencies will not be banned in Russia. The government supported the proposal of the Ministry of Finance and is going to allow the turnover of cryptocurrencies. The main conditions are strict market regulation and control of all transfers. This was reported in the press service of the government of the country.
The official document with the concept states that the Russian crypto market is multiplying. According to experts, more than 12 million wallets have been opened, and the volume of coins stored there is about $ 26 million. Also, Russia accounts for 11% of all bitcoin mining capacity, making it the third in the world, after the USA and Kazakhstan.
At the same time, the number of fraud and money laundering cases is growing. It is precise because of the lack of legislative regulation that it is impossible to effectively resist crime and protect the rights of investors and citizens.
The law on the regulation of digital assets will allow you to receive income from taxes, control all cash flows and altogether remove the crypto market from the shadow.
What does the Government offer?
Briefly about the main changes:
1. Complete centralization of the process.
Digital payment processing operators will be banks with universal licenses. Their responsibilities will inсlude full or partial identification of participants’ identities in the exchange of cryptocurrencies for fiat, AML-verification of transactions, transaction tracking, storage of transaction data.
The bank becomes a vital participant in the exchange procedure — without its approval of the operation, it will be impossible to conduct a transaction.
2. Rules for Russian crypto companies.
All exchange services must be registered as a Russian legal entity and entered into the corresponding register. All such companies must operate following the law “On Anti-Money Laundering and Countering the Financing of Terrorism.” To make exchanges, they must have a wallet in one of the banks.
3. Two groups of clients.
All individuals will be divided into qualified and unqualified investors. Limits on operations will be set for the latter. Today it is not completely clear by what criteria it will happen. But the concept text mentions some kind of customer testing that the bank will conduct. This restriction does not apply to legal entities.
4. Rules for foreign services.
Foreign exchange services and exchanges must have a representative office on the territory of the Russian Federation, as well as connect to the bank’s systems so that their operations can be monitored. The function of services that do not disclose financial transaction data is prohibited.
5. Transactions of more than 600 thousand rubles
will need to be declared.
6. Rules for clients.
The client must open a bank account and pass identity verification to make an exchange. All financial transactions must be carried out exclusively between accounts or wallets opened in the bank.
7. State monitoring service.
The concept of the “Transparent Blockchain” program was presented. It will monitor all financial flows, collect information about participants in the exchange procedure, detect illegal services and transactions, and register them in the appropriate database.
8. Revision of legislation.
It is planned to adopt four laws. The changes relate to:
— taxation and declaration of transactions with cryptocurrency
— the introduction of administrative responsibility for illegal trafficking and acceptance of cryptocurrencies
— introduction of criminal liability for evasion of order and crimes involving the use of digital assets
On February 18, the text of the law should be submitted to the government for consideration. But there are no exact dates for its final adoption yet.
