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21-02-2022|Crypto

The Russian government introduces a crypto bill in Parliament over the objections of the Russian Central Bank.

The Russian Ministry of Finance is moving forward with its proposal to regulate cryptocurrencies in the country, and has submitted a bill in parliament to that effect. The bill was introduced on Feb. 18 and is based on a previously agreed roadmap established by numerous government entities, including significant law-enforcement agencies, according to a news release issued on Monday.

The announcement underlines a policy divergence with the Bank of Russia, which opposes regulation and would prefer to see cryptocurrency trade and mining prohibited. The central bank, which has been pushing forward with the pilot of its central bank digital currency, the digital ruble, has proposed fining crypto trading and issue with fines of up to 500,000 rubles ($6,360) for individuals and 1 million rubles for companies, TASS news agency reported.

The Ministry of Finance stated in a news release that the Bank of Russia's reservations "would be considered in further work on this law where they do not contradict the Ministry of Finance approach."

The bill's official text is not yet available in the online legislative document database.

The bill classifies cryptocurrencies as an investment tool rather than legal cash, and prohibits them from being used to pay for goods and services. It also establishes regulations for cryptocurrency exchanges and over-the-counter desks, which must meet specific criteria in order to receive a licence and be included in a government database. To provide services in Russia, foreign crypto exchanges must register as legal entities.

All cryptocurrency-to-fiat transactions must be handled through bank accounts, and users must undergo know-your-customer (KYC) checks with both banks and cryptocurrency exchanges, the press release said.

Users would also have to be informed about the risks of investing in cryptocurrency by exchanges. Investors will be required to pass online examinations to demonstrate that they have appropriate knowledge of cryptocurrencies and the risks associated with them. Those who pass the test are allowed to invest up to 600,000 rubles in crypto per year, while those who do not are limited to 50,000 rubles. For eligible investors, there will be no limits.

Exchanges must retain their own crypto and their users' assets in separate accounts, as well as keep track of all their users' crypto addresses. Users must not be held accountable for any debt incurred as a result of their transactions.

The proposed bill will also control cryptocurrency mining. It will be overseen by specific government entities, according to the news statement, which did not provide any other information.

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