Russia submits bill for cryptocurrency payments

The Russian finance minister presented a bill with the purpose of regulating digital currencies as an alternative means of payment in the country

The Russian Ministry of Finance presented a bill called “On Digital News“, which aims to regulate the use of cryptocurrencies as an alternative means of payment to the monetary unit of the Russian Federation.

The document addresses issues on digital assets that have not been explored so far by Russian legislation for this type of currency. It is expected, if approved, that it provide a legal foundation for both citizens and investors in the crypto ecosystem.

With the bill, greater clarity is expected regarding the management of crypto assets, digital mining, as well as “providing a legal framework for their legal issuance and circulation in Russia, certifications, trade, and more.”

Another aspect addressed in the document is related to the permission of the actors that will participate in the system and establishes that “Russian entities will have to receive a permit to trade with cryptocurrencies and must comply with a rigorous and strict identification process”. Within The aspects to consider include: the creation of separate units, annual reports, internal control, audits, and complete records in specialized entities for the fight against money laundering.”

Platforms with minimum capital

The bill also highlights that cryptocurrency platforms will have to meet a minimum capital to offer their services in Russia. The amount established in the document is in the order of “40,000 dollars for exchange operators and more than 100,000 dollars for digital trading platforms.”

Another of the requirements established in the documents for exchange houses is to complete the registration process and obtain a license that will be granted by the “authorized body”, which will be designated by the government for that purpose. Additionally, the exchanges must keep a “strict control” of all the data of each of the clients that demand cryptographic assets.

Like any bill, it has its detractors. Some analysts are already sharing their impressions, some believe that the project is “useless” and the procedures quite “cumbersome”, especially for small and medium-sized companies.

According to the document, it is not possible to “sell or buy digital currencies” without taking into account the identification, and it will only be possible to “deposit and withdraw fiduciary currencies through banks through a bank account”.

The regulation of the use of cryptocurrencies in Russia can be a very good sign to establish a legal foundation for the cryptographic system in the country, but it is also important to listen to criticism in order to improve the final document.

M. Rodríguez


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