Because of the Russian Central Bank’s and Ministry of Finance’s opposition, a restrictive policy has been implemented rather than a ban on the usage of cryptocurrencies.
According to Coindesk, Russia’s Ministry of Finance is considering a bill that would restrict crypto transactions to licensed operators, making peer-to-peer trading illegal while certified wallets remain legal. Despite the Central Bank’s concerns to ban cryptocurrencies entirely, the Federal Agency said earlier this week that it had proposed a law to make crypto trading and mining legal.
Virtual assets are defined in the impending bill as electronic data and property maintained in information systems. At the same time, because it does not reserve actual assets, it is regarded as illegal tender in Russian Federals. Traditional businesses that engage in digital currency would be required to file an annual report on their crypto activity, among other requirements. Committed offenders will not be permitted to become operators, according to the new paper, titled “On the Digital Currency.” It includes persons who have been accused with financial crimes, as well as those who were involved in a long-ago conspiracy against a political party.
Offshore companies, in particular, will be unable to operate as bitcoin brokers. Crypto exchanges that want to trade in Russia must have a minimum of 100 million rubles ($1.2 million) in assets. Similarly, a trader should be certified for trading in Russia with a minimum of 50 million rubles.