The Russian Finance Ministry sent its version of the bill on the regulation of cryptocurrencies to the government on Friday. This was reported by the publication TASS.
According to the bill, the use of digital currencies as a means of payment will still be prohibited.
However, the bill defines the requirements for crypto-exchanges and cryptocurrencies. The requirements relate to corporate governance, reporting, information retention, internal controls and auditing, risk management system and the amount of equity. For this type of control there will be created a special register of operators, whose activities will be licensed and monitored by the body defined by the government.
Foreign cryptocurrency exchanges will have to register in Russia in order to obtain a license.
On Friday, the Central Bank also sent its version of the bill on cryptocurrencies, which continues to advocate a ban on the organization of circulation and issue of cryptocurrencies, as well as the dissemination of information about them. The Ministry of Finance said it would take into account the position of the Bank of Russia.
The bill will take into account the bank’s opinion on the risks for unqualified investors. Exchanges will be obliged to inform citizens about the high risks associated with the acquisition of digital currencies. In turn, citizens would be required to undergo online testing before purchasing cryptocurrency. Qualified investors and legal entities will make transactions without restrictions.