Duma proposes tougher rules for Bitcoin exchanges and exchangers
The Expert Council at the State Duma of the Russian Federation discussed amendments to the draft law \”On Digital Currency\”, which would reduce the risks of losses on investments.
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The authorities’ main concerns are the volatility of cryptocurrencies, cases of fraud and cyber threats. In this regard they propose to set special requirements for licensed entities authorized to conduct operations with digital currencies.
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Among the potential rules are mandatory registration of trading platforms in the Russian Federation, financial stability, tougher requirements for the composition of management and information-security systems. Members of the council also backed the separation of investors into qualified and unqualified categories — with restrictions on operations for individuals.
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Mining of cryptocurrencies is recommended to be classified as entrepreneurial activity with the establishment of commercial electricity tariffs. In the experts’ view, domestic mining requires separate regulation, and they deem it necessary to introduce in the bill a definition of household energy consumption.
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The proposed amendments will be sent to the government for further discussion.
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As reported in the Finance Ministry’s Digital Currency bill, the document contemplates cryptocurrency transactions through Russian banks, identification of crypto-wallet holders, and differentiation of investors by qualifications.
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In April, the ministry changed the terminology of the document. Later it became known that it had included a number of proposals from the FSB, the Federal Tax Service and the Ministry of Internal Affairs.
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The Russian authorities continue to discuss possible regulation of the cryptocurrency market, so the Digital Currency bill is not expected to reach the State Duma soon not expected to reach the State Duma soon.
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