The draft bill comes after the government gave the green light to Bitcoin regulation, disregarding the Bank of Russia’s concerns.
Russia’s Ministry of Finance has submitted a draft bill on Bitcoin regulation in the country, weeks after the government approved the concept of creating legislation specifically for cryptocurrencies.
“The use of digital currencies as a means of payment on the territory of the Russian Federation will continue to be prohibited,” the Ministry of Finance said in a statement Monday. “Under the proposed regulation, digital currencies are considered solely as an investment vehicle.”
The draft bill comes after an intense dispute between the Bank of Russia and the Ministry of Finance, which hold opposing views regarding the optimal future of bitcoin and cryptocurrency regulation in the country. While the ministry has strived to accommodate the burgeoning technology into a legal framework, the central bank has called once and again for a complete ban on the trading and mining of bitcoin.
Earlier this month, the Russian government gave the ministry the green light to propose a bill encompassing the regulation of cryptocurrency, effectively discarding the Bank of Russia’s suggestions that the proliferation of bitcoin should not be allowed in the country and outlining an initial plan for the legislation.
The decision to move forward with regulation instead of a ban came on the heels of signals sent by Russian President Vladimir Putin, who in late January highlighted the country’s competitive advantages in bitcoin mining – an industry he supports.
The bill submitted by the Ministry of Finance provisions several restrictions for Russians interested in investing in bitcoin, including identification requirements, yearly investment limits, and custody arrangements, according to the statement.
Russians will have to provide their personal information to buy or sell bitcoin on regulated exchanges, though it is still unclear how much information will be necessary. Users will also only be allowed to buy about $7,700 worth of bitcoin per year upon successful completion of a testing procedure to assess their knowledge level of cryptocurrency. If they fail the test, they will only be able to purchase up to roughly $650 worth of bitcoin per year.
Bitcoin deposits and withdrawals to and from an exchange will only be allowed through accounts in a bank, the statement said. It seems, therefore, that users’ won’t be able to withdraw bitcoin to a self-custody wallet.
“In addition, for the safety of clients’ funds for crypto-exchanges, a nominal account mode is introduced, on which the funds of bidders will be located,” per the statement. “Exchanges and exchangers will be required to maintain registers indicating the addresses – identifiers of each holder of digital currencies.”
The bill also distills requirements for these service providers to operate in the cryptocurrency market, including details on corporate governance, reporting, information storage, internal control and audit, risk management measures, and the number of reserves that need to be held.
Check live crypto rates here
Start trading today – See our list of exchanges
Great post. I was checking continuously this blog and I’m impressed! Very helpful info specifically the last part 🙂 I care for such info a lot. I was looking for this certain information for a long time. Thank you and best of luck.
Hey just wanted to give you a quick heads up and let you know a few of the pictures aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different internet browsers and both show the same outcome.
Wonderful paintings! That is the type of information that are meant to be shared across the web. Shame on the search engines for not positioning this put up higher! Come on over and visit my website . Thanks =)
I have been browsing online more than three hours nowadays, but I never discovered any fascinating article like yours. It¦s lovely price enough for me. In my view, if all website owners and bloggers made excellent content as you did, the web will likely be much more useful than ever before.
This web site is really a walk-through for all of the info you wanted about this and didn’t know who to ask. Glimpse here, and you’ll definitely discover it.
I like this post, enjoyed this one regards for posting. “No trumpets sound when the important decisions of our life are made. Destiny is made known silently.” by Agnes de Mille.
You are my breathing in, I possess few blogs and very sporadically run out from to brand.
I reckon something really interesting about your web blog so I bookmarked.
Oh my goodness! an amazing article dude. Thanks However I am experiencing concern with ur rss . Don’t know why Unable to subscribe to it. Is there anybody getting equivalent rss drawback? Anyone who knows kindly respond. Thnkx
Whats Happening i’m new to this, I stumbled upon this I’ve discovered It absolutely helpful and it has helped me out loads. I am hoping to give a contribution & aid different users like its helped me. Good job.
Have you ever considered writing an e-book or guest authoring on other blogs? I have a blog centered on the same information you discuss and would really like to have you share some stories/information. I know my viewers would appreciate your work. If you’re even remotely interested, feel free to send me an email.
Precisely what I was looking for, appreciate it for putting up.
You have somke reaⅼly good posts and I belіeve I would bе a gooⅾ asset. If yoᥙ ever wɑnt too take somе oof
tһe load off, Ι’d absolutеly love카지노사이트 tⲟ ѡrite sߋme c᧐ntent for your
blog in exchange for a link Ьack to mіne. Please send me an email іf іnterested. Tһank ʏou!
Can I show my graceful appreciation and show my appreciatation온라인바카라 really good stuff and if you want to have a checkout
Let me tell you a brief about how to get connected to girls for free I am always here for yall you know that right?
Can I show my graceful appreciation and show my appreciatation온라인바카라 really good stuff and if you want to have a checkout
Let me tell you a brief about how to get connected to girls for free I am always here for yall you know that right?
This is a topic which is close to my heart… Best wishes!
무료스포츠중계
Exactly where are your contact details though?
Hello my friend! I want to say that this article is awesome, great written and come with approximately all significant infos. I would like to look more posts like this .