- Based on the concept, a number of laws and acts will be developed to control the crypto market
Approved the concept for regulating the issue of cryptocurrencies
Crypto exchanges will be required to obtain licenses and monitor user transactions
The government apparatus of the Russian Federation approved the concept of regulation of cryptocurrencies. Experts from the Ministry of Finance, the Prosecutor General’s Office, the Central Bank and other departments worked on the document. Based on the concept, other acts will be created that will bring the crypto market “out of the shadows.”
In the near future, all cryptocurrency platforms will be required to get a license. According to the government, this will help protect citizens from fraud and reduce risks. Investors will be divided into unskilled and qualified. Those who invest in cryptocurrencies will be required to have a financial airbag.
In addition to licenses, sites will also be required to warn users about possible risks. Payments of various companies and individuals working with cryptocurrency will be tracked. At the same time, any transactions must go through banks of the Russian Federation only. Data on transactions, clients of exchanges, financial information will be stored for five years. And, if a state request is received, the site will be forced to provide such information.
The following points were also mentioned in:
Digital assets will be considered as foreign currency, so the regulation will be slightly stricter than the dollar. Its main goal will be “ integration of the mechanism for the circulation of digital currencies into the financial system and ensuring control over cash flows.”