Investing.com – Already a few weeks ago, it looked like Russia would not ban cryptocurrencies like the and the, despite the explicit wish of the Russian central bank CBR.
Instead, the Ministry of Finance drafted a new cryptocurrency regulation bill, which was presented to the government.
In order to avoid capital flight from cryptos, the law provides that crypto-currencies should only be considered as investment instruments, while their use as a means of payment is prohibited under penalty of sanction.
In addition, there is an obligation to identify investors in cryptocurrencies. This means in particular that operators of cryptocurrency exchanges must register. At the same time, operations are monitored for compliance with corporate governance, information storage, internal audit and risk management standards. Crypto exchanges are only allowed to provide their services if they have an establishment in Russia.
To ensure that the identity of cryptocurrency holders is known, deposits and withdrawals for crypto exchanges will only be possible through established traditional financial institutions.
Private investors will be protected against the vagaries of the cryptocurrency market by setting annual caps for investments in this sector.
Those who want to buy cryptocurrencies worth up to 600,000 rubles ($7,600) per year must take an online test. For users who fail to do so, there is an annual cap of 50,000 rubles ($600).
By Marco Oehrl
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