Following the ongoing debate, the Russian Ministry of Finance submitted the bill regulating crypto assets to Parliament, according to a statement on Monday. In the draft, which was stated to be submitted on February 18, the roadmap approved by various government bodies was adhered to.
The announcement also drew attention to the conflict with the Central Bank. As it is known, the Central Bank proposed to ban and penalize crypto transactions. The ministry also noted that the bank’s objections will be considered as long as they do not contradict the ministry’s approach.
On the other hand, the ban on the use of crypto assets for payments continues. The bill treats cryptoassets as an investment tool, not as a means of payment.
The bill also included requirements that crypto-asset trading and OTC platforms must meet in obtaining a license. It was also stated that all crypto-to-fiat conversion transactions must be carried out through bank accounts, and investors must pass KYC checks through both banks and crypto-asset trading platforms.
Under the bill, crypto platforms will have to inform users about the risks of crypto assets and only investors who pass online tests will be able to invest. Those who pass the test will be able to invest up to 600,000 rubles per year in crypto; no limit will be observed for qualified investors.
Crypto asset mining will also be regulated under the aforementioned bill.
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