Andrey Lugovoy, a member of the State Duma’s working group on the regulation of cryptocurrencies, spoke about the features of the draft law “On Digital Currency” and said that Russia could become a leader in mining. He disclosed this in an interview with Parliamentary Newspaper.
According to him, more than 10 million Russian citizens have invested in cryptocurrencies, and the main reason for their popularity is the high price volatility.
“Given that millions of Russians already use cryptocurrencies, this should be treated as a reality, and efforts should be made to regulate this sector properly,” the deputy said.
He noted that in developing legislation regulating crypto assets, there are no plans to impose ownership restrictions, but a requirement to declare holdings is envisaged.
Lugovoy stated that the criteria for the professional acquirer status designated in the draft law “On Digital Currency” are not provided in the document; they will be defined by the government:
“I do not rule out that the approach will be similar to what is already applied in the securities market.”
According to the draft law, non-professional investors may annually acquire digital currencies for no more than 50,000 rubles. If they pass testing, the limit is raised to 600,000 rubles. Professional acquirers will be able to conduct operations without restrictions.
Lugovoy described the use of cryptocurrencies for illicit activity as “largely a myth,” which regulators often point to. The official added that today there are various services to identify wallets linked to illicit transactions, and Russian developers have begun creating their own analogues of such software.
The deputy also expressed confidence that Russia could become a leader in cryptocurrency mining, “given its unique climatic conditions, the existence of an electricity surplus and its low cost.”
The draft law ‘On Digital Currency’ provides for conducting operations with cryptocurrencies through Russian banks, identifying holders of crypto wallets and separating investors by qualifications.
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