The Ministry of Finance of Russia finalized the final version of the draft law “On Digital Currency”. Kommersant got acquainted with the document. The authenticity of the document was confirmed by publications close to the industry.
The document fixes the terminology, legal framework, features of the circulation and issue of such currencies. Digital currencies can be accepted “as a means of payment that is not the monetary unit of the Russian Federation”, as well as as an investment.
Exchange operators with a capital of at least 30 million rubles and operators of a digital trading platform with a turnover of at least 100 million rubles will be able to engage in turnover. Operators will also have to be in a special register. They will be defined as the subjects of combating money laundering and the financing of terrorism.
Lawyers believe that only the largest financial institutions will be able to fulfill such requirements. Crypto exchanges that are not registered in the Russian Federation may leave the market in order not to register.
It will also be impossible to buy cryptocurrency without identification. Deposit and withdrawal of fiat currencies will be possible only through a bank, and all electronic wallets will be required to be certified. Legal entities and individual entrepreneurs will be able to engage in mining after being included in a special register.
According to sources familiar with the document, all requirements will affect the objects of the Russian IT infrastructure. Users will be able to manage cryptocurrency and use foreign exchanges without restrictions.
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