Russian Ministry of Finance announced the Encrypted Monetary Regulatory Act

The Russian Ministry of Finance is promoting its regulation of the country’s encrypted currency and submits an A bill to the parliament. According to the press release released on Monday, the bill is submitted on February 18, and the previously approved road map drafted by several government agencies, including the main law enforcement agencies.

The announcement emphasizes the policy disagreement with the Russian bank, the latter is opposed to supervision, and I would rather see that encrypted currency transactions and mining are prohibited. Tasshief News Agency Tascia reported that the central bank has been promoting its central bank’s digital currency digital rubles, has suggested a fine of encrypted currency transactions and issuance to individuals up to 500,000 rubles ($ 6,360) and the company’s up to 1 million rubles. Report.

The Ministry of Finance said in the press release, the Russian Bank’s opposition “will be considered in the further work of the bill, but do not contradict the practice of the Ministry of Finance.”

The formal text of the Act has not been provided in the online database of the legislative document.

The bill will be regarded encrypted currency as an investment tool, rather than legal currency, and means that encrypted currency cannot be used for payment of goods and services. It also stipulates the requirements of the Encrypted Monetary Exchange and Field Trading Counter, which must meet certain standards to obtain licenses and are included in special government registration. Foreign Encrypted Monetary Exchange must provide services in the country in Russian registration legal entities.

According to press releases, all transactions of all encrypted currencies to statutory currency must be carried out through bank accounts, and users must check your customer (KYC) through banking and encrypted currency exchanges.

The exchange must also inform users of the risk of investing in encrypted currencies. Investors must pass online test to ensure that they have enough understanding of encrypted currency and related risks. Through testing people can invest up to 600,000 rubles of encrypted currency each year; those who are not limited to 50,000 rubles. Qualified investors have no restrictions.

Encrypted Monetary Exchange must save your own encrypted currency and user funds in a separate account and retain a record of all user encryption addresses. Users must not take responsibility for any debt of their exchanges.

Encrypted monetary mining will also be regulated by the proposed bill. According to press releases, it will be supervised by special government agencies, but not to provide more details.