According to the Russia Today report, the Russian government has adopted a framework for laws regulating cryptocurrencies. A stated goal of the new policy is to integrate these digital currencies into Russia’s financial system while ensuring the rights of private investors and preventing digital assets from being used to finance crime. Earlier, the central bank of Russia had proposed a complete ban on cryptocurrencies.
The plan envisions heavy regulation of crypto exchange mechanisms and platforms.
“The government has determined the future of digital currencies in Russia. The state will regulate the circulation of such financial assets with strict obligations for all participants of the professional market with an emphasis on protecting the rights of private investors,” Moscow’s official press service said in a statement on Tuesday. When all the regulatory mechanisms are in place, cryptocurrencies will be effectively integrated into the existing financial system, the statement continued. The new regulations will divide the investors into “qualified” and “unqualified” categories.
The Russian government aims to eliminate the anonymity aspect of cryptocurrencies.
The new regulations are set to eradicate one of the main perks of digital currencies – anonymity – as people trading in them will be required by law to properly identify themselves. Trading real currencies for cryptocurrencies will be allowed only through “organizers of the systems of digital exchange” – licensed banks registered in a special system that can track cryptocurrency operations, identify individuals engaging in them, as well as keep records of transactions for five years. Among other things, the measures aim to identify illegal activity, including the use of crypto to finance terrorism. Foreign crypto exchanges will be allowed to operate in Russia, provided they are licensed in the country and have a representative office in Russia.