After the 20th January 2022 announcement that the Russian Central Bank proposed a ban on mining and the use of cryptocurrencies, we see a swift change of wind in the attitude towards Bitcoin coming directly from the Kremlin.
According to the Russian government official statement, the turnover of crypto financial assets will be regulated by the state with strict obligations for all participants in the professional market and an emphasis on protecting the rights of ordinary investors.
The purpose of the regulation is to integrate the mechanism for the circulation of digital currencies into the financial system and ensure control over cash flows in the circuit of credit institutions.
In addition, it is planned to introduce an obligation for market participants to inform citizens about the increased risks associated with digital currencies.
The implementation of the concept will ensure the creation of the necessary regulatory framework, will bring the digital currency industry out of the shadows and create the possibility of legal business activities.
The Ministry of Finance, the Bank of Russia, Rosfinmonitoring, the Federal Security Service, the Ministry of Internal Affairs, the Federal Tax Service, the Ministry of Economic Development, the Prosecutor General’s Office took part in the discussion of the regulation of the cryptocurrency market.
The legislation will reportedly be drawn up no later than Feb 18.
