![]() Providers will need to have “financial airbags” in terms of liquidity and adequate capital. Officials also said the regulation would ensure the protection of citizens’ rights under a licensing regime aimed at cryptocurrency providers. ![]() Transacting outside those proposed legal parameters will be considered a criminal offense, and fines are expected to be introduced for the illegal acceptance of cryptos as a means of payment. “The establishment of rules for the circulation of cryptocurrencies and control measures will minimize the threat to the stability of the financial system and reduce the use of cryptocurrencies for illegal purposes since a complete ban on the segment of operations related to their circulation is impossible.”Ĭrypto’s use as currency will only be possible following proper identity checks via the country’s banking system or licensed intermediaries, while operations exceeding 600,000 rubles ($8,016) must be declared, according to the document. Russia’s regulation will seek to integrate a mechanism for the circulation of digital currencies into the country’s financial system while ensuring control over credit institutions’ cash flows, a rough translation of an accompanying draft document reads. Legislation will reportedly be drawn up no later than Feb. It is understood cryptos are to be classified as an “analogue of currencies” and not as financial digital assets. News outlet Kommersant first reported the announcement on Tuesday. The agreement is a significant reversal after the Bank of Russia last month proposed banning miners and several other crypto operations over concerns that they could endanger the country’s financial system. The Russian government and the country’s central bank have reached an agreement to draft legislation or amend existing laws recognizing crypto as a form of currency, according to a statement Tuesday.
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