A restrictive regulation came out of the draft law of the Russian Ministry of Finance, which clashed with the Central Bank of Russia due to its prohibitive policy. According to the bill, trading of crypto assets will be restricted to licensed platforms and certified wallets. This makes peer-to-peer trading virtually illegal.
The aforementioned bill introduced the concept of digital currency as an investment tool not supported by property and electronic data stored in an information system or any asset that can be used as payment although it is not recognized as a legal currency in the Russian Federation defines as.
According to the bill, digital currency operators will submit annual financial reports like traditional businesses, among other criteria. Cryptocurrency exchanges’ assets will need to be at least 100 million rubles ($1.2 million) for trading, and professional traders at least 50 million rubles. Offshore companies will also not be able to operate as crypto brokers. Miners, on the other hand, will have to report their income to tax authorities.
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