2 years ago
Russia's Ministry of Finance is pushing guardant with its program to modulate cryptocurrencies successful the country, and has introduced a measure to parliament. According to a press release published connected Monday, the measure was presented Feb. 18. and is based connected the antecedently approved roadmap drafted by respective authorities bodies, including cardinal law-enforcement agencies.
The announcement highlights the argumentation divided with the Bank of Russia, which opposes regularisation and would alternatively spot cryptocurrency trading and mining banned. The cardinal bank, which has been pushing forward the aviator of its cardinal slope integer currency, the integer ruble, has suggested punishing crypto trading and issuance with fines up to 500,000 rubles (US$6,360) for individuals and 1 cardinal rubles for companies, the Tass quality bureau reported.
In the property release, the Ministry of Finance said the objections of the Bank of Russia "will beryllium considered successful the further enactment connected this measure wherever they don't contradict the Ministry of Finance approach."
The authoritative substance of the measure is not yet disposable successful the online database for legislative documents.
The measure treats crypto arsenic an concern tool, not a ineligible tender, and says cryptocurrencies whitethorn not beryllium utilized to wage for goods and services. It besides specifies requirements for cryptocurrency exchanges and over-the-counter desks, which indispensable fulfill definite criteria to get a licence and beryllium included successful a dedicated authorities register. Foreign crypto exchanges indispensable registry ineligible entities successful Russia to supply services successful the country.
All cryptocurrency-to-fiat transactions indispensable beryllium conducted done slope accounts, and users indispensable spell done know-your-customer (KYC) checks with some banks and cryptocurrency exchanges, the property merchandise said.
Exchanges besides volition person to pass users astir the risks of investing successful crypto. Investors volition person to walk online tests to guarantee they person capable cognition astir cryptocurrencies and related risks. Those who walk the trial tin put up to 600,000 rubles a twelvemonth successful crypto; those who don't are constricted to 50,000 rubles. Qualified capitalist won't person immoderate limits.
Cryptocurrency exchanges indispensable support their ain crypto and their users' funds successful abstracted accounts and support a grounds of each their users' crypto addresses. Users indispensable not beryllium held liable for immoderate indebtedness of their exchanges.
Cryptocurrency mining volition besides beryllium regulated nether projected bill. It volition beryllium supervised by dedicated authorities agencies, the property merchandise said, without providing further details.
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The person successful quality and accusation connected cryptocurrency, integer assets and the aboriginal of money, CoinDesk is simply a media outlet that strives for the highest journalistic standards and abides by a strict acceptable of editorial policies. CoinDesk is an autarkic operating subsidiary of Digital Currency Group, which invests successful cryptocurrencies and blockchain startups. As portion of their compensation, definite CoinDesk employees, including editorial employees, whitethorn person vulnerability to DCG equity successful the signifier of stock appreciation rights, which vest implicit a multi-year period. CoinDesk journalists are not allowed to acquisition banal outright successful DCG.
Anna Baydakova is an investigative newsman with a peculiar absorption connected Eastern Europe and Russia. Anna owns a fraction of BTC.
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