According to the Kommersant newspaper, the Russian Ministry of Finance has completed work on a bill concerning cryptocurrency payments in the country.
The bill fixes the terminology about the classification of digital currency, legal base of its issue and legal circulation in Russia
Russian organizations will need to obtain permission to trade in cryptocurrencies and undergo a rigorous identification process.
“According to the draft law, the digital currency can be accepted “as a means of payment that is not a monetary unit of the Russian Federation” and as an investment, and there must be no obligated person in relation to it,” the publication said.
An exchanger (with capital of not less than 30 million rubles) and digital trading platform operator (not less than 100 million rubles) will be able to organize circulation of virtual currencies. The first will buy and sell digital currency “on its own behalf and at its own expense by public announcement of the prices”, and the second – to conduct organized trading.
Organizations will have to comply with the strict requirements of Russian legislation. For example the creation of a separate structural unit, the preparation of annual reports, the requirements for the governing bodies, the requirements for internal control and audit and other
In particular, if a crypto-exchange wants to offer its services in Russia, it will have to complete this process and obtain a license from an “authorized body” appointed by the Russian government. In addition, exchanges will have to strictly control the data of their users.
Only Russian legal entities may apply for the role of both operators. Foreign crypto-exchanges, in order to obtain a license to operate in Russia, must create a business entity.
At the same time, Russian citizens are allowed to trade in cryptocurrencies on international exchanges.
It will be impossible to sell or buy digital currencies without identification. The operator will only be able to deposit and withdraw fiat currencies through banks using a bank account.
Miners will have to go through the same process as traders, as Russia expects to create a national registry for the mining sector.