The government supported the Ministry of Finance in a dispute with the Central Bank about the need to regulate cryptocurrencies. On Monday, February 7, the Cabinet approved the concept of the department. The bill must be submitted to the government by February 18. This is stated in the order of Deputy Prime Minister Dmitry Grigorenko (the document is at the disposal of Izvestia).
The concept prescribes to conduct all cryptocurrency transactions through Russian banks, license operators of such transactions, introduce restrictions for unqualified investors and identify owners of digital currencies. According to the document, it is planned to collect such personal data as name, address, date of birth, email, phone number, passport data (including a copy of the document), photo, bank account number, bank card data used for crypto transactions. IP addresses during transactions will be tracked.
The concept proposes to introduce additional requirements for foreign crypto exchanges. It is planned to create a category of “digital currency exchange operator”, use the “Transparent Blockchain” service, as well as market participants will be required to inform citizens about increased risks.
The Ministry of Finance supported the idea of regulating mining. The department said that they are already preparing a corresponding bill. In addition, the Ministry of Finance will consider the necessary restrictions for advertising cryptocurrencies.
In his letter (available to Izvestia) to Prime Minister Mikhail Mishustin, Finance Minister Anton Siluanov notes that only the Central Bank did not support the approach of the Ministry of Finance.
The ministry estimates that Russians hold about 2 trillion rubles in crypto wallets. The implementation of the concept will bring the industry into the legal sphere, according to the Ministry of Finance.
Earlier, on January 20, the Central Bank proposed to introduce liability for Russian legal entities and individuals for violating the ban on the use of cryptocurrency as a means of payment. The Central Bank also proposed to ban financial institutions from investing in cryptocurrencies and related instruments.
On the same day, the President of the Cryptocurrency and Blockchain Association, Yuri Pripachkin, noted that the Central Bank needs to learn how to control the circulation of cryptocurrencies, and not try to ban it.
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