The Ministry of Finance changed the provisions of its bill on cryptocurrencies. What additions are made to the bill.
The Ministry of Finance has been developing a bill to regulate the cryptocurrency market for several months. To date, the next version has been prepared, which is quite significantly different from the previous one. But even this version cannot be considered final, it can still be amended.
The provisions of the bill were changed after the document was agreed with a number of ministries, including the Ministry of Digital Development, the Ministry of Internal Affairs, the Ministry of Economic Development, the Federal Tax Service, etc. The Central Bank did not participate in the discussion, as it initially opposed the authorship of the Ministry of Finance and developed its own bills that provided for a ban on mining in the territory of the Russian Federation under the threat of a large fine, advertising and crypto ownership for banks.
The project of the Ministry of Finance is much more loyal, it is designed to create a legal market with the use of state regulation of turnover and the establishment of requirements for participants, including operators (licenses), crypto exchanges and exchangers (own funds, a nominal account with investments, reporting, registry).
For clients, a test is provided for knowledge of the provisions on investments in cryptocurrencies and an identification procedure. They will have to be tested for the level of special knowledge. If you pass the test, you will be allowed to invest up to 600,000 rubles a year, if you fail, you will be banned from investing in crypto. The test can be retaken, the amount of investment in this case will be 50,000 rubles.
What additions are made to the bill:
- Previously, the bill prohibited the use of crypto as a means of payment, but allowed it to be used for investment. In the current version, it can also be used for payments in foreign trade transactions. It will be possible to pay for goods, services, works, results of intellectual activity, subject to obtaining a special identifier from the operator;
- exchanges without a license will be banned from advertising on the territory of the Russian Federation. Illegal exchanges will be banned from search engines on the Internet at the request of users;
- crypto-exchanges will be obliged to cooperate with law enforcement agencies and transfer data to them upon request. For three years, they will be required to store data on owners, transactions, etc.;
- limits for investing in crypto for legal entities and professional investors were removed from the text;
- for now, the article about the obligation to maintain a registry for mining entities has been removed.
Also, new requirements and characteristics have appeared in order to determine the place of circulation of crypto assets on the territory of the Russian Federation.
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