The Government proposed to strengthen the requirements for crypto-exchanges and currency exchangers
08.06.2022
The Council of Experts under the Government of the Federation discussed changes to the draft law “On Cryptocurrency”, which will make it possible to reduce the risk of losses from deposits.
The main concern of government agencies is caused by the volatility of digital currencies and the presence of crimes and cyber threats. In connection with this situation, they make a proposal to establish special requirements for entities subject to licensing and authorized to conduct operations with cryptocurrency.
Among the possible rules are mandatory registration of trading floors in the Russian Federation, financial stability, excessive requirements for management and security of information systems. Council members supported the division of investors into those who are qualified and those who do not, with the imposition of restrictions on transactions for individuals.
Mining is recommended to qualify as a business with the establishment of market tariffs for electricity. According to experts, the extraction of cryptocurrency in everyday life requires separate management, which is why it is planned to introduce a definition into the draft law regarding the consumption of electricity in everyday life.
The proposed additions will be sent to the State Duma for further discussion.
It should be recalled that the draft law “On Cryptocurrency” developed by the Ministry of Finance involves the implementation of transactions with crypto through Russian banks, the recognition of owners of crypto wallets and the distribution of investors by qualifications.
In mid-spring, the ministry changed the terms in the document. Further, it was revealed that it included a list of recommendations from the FSB, the Federal Tax Service and the Ministry of Internal Affairs.
Currently, the authorities of the Russian Federation are submitting for discussion subsequent versions of the management of the cryptocurrency market. Therefore, in the near future one should not hope for the receipt of the draft law "On Electronic Money" by the Government.
The main concern of government agencies is caused by the volatility of digital currencies and the presence of crimes and cyber threats. In connection with this situation, they make a proposal to establish special requirements for entities subject to licensing and authorized to conduct operations with cryptocurrency.
Among the possible rules are mandatory registration of trading floors in the Russian Federation, financial stability, excessive requirements for management and security of information systems. Council members supported the division of investors into those who are qualified and those who do not, with the imposition of restrictions on transactions for individuals.
Mining is recommended to qualify as a business with the establishment of market tariffs for electricity. According to experts, the extraction of cryptocurrency in everyday life requires separate management, which is why it is planned to introduce a definition into the draft law regarding the consumption of electricity in everyday life.
The proposed additions will be sent to the State Duma for further discussion.
It should be recalled that the draft law “On Cryptocurrency” developed by the Ministry of Finance involves the implementation of transactions with crypto through Russian banks, the recognition of owners of crypto wallets and the distribution of investors by qualifications.
In mid-spring, the ministry changed the terms in the document. Further, it was revealed that it included a list of recommendations from the FSB, the Federal Tax Service and the Ministry of Internal Affairs.
Currently, the authorities of the Russian Federation are submitting for discussion subsequent versions of the management of the cryptocurrency market. Therefore, in the near future one should not hope for the receipt of the draft law "On Electronic Money" by the Government.