Russian Finance Ministry proposes restricting cryptocurrency advertising

The Russian Finance Ministry is not considering lending in cryptocurrencies and wants to restrict advertising of such assets. This is stated in the ministry’s explanatory note to the concept of regulating digital currencies, as reported by ТАСС.

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The document states that the proposed approach did not provide for lending in crypto assets or their use as collateral.

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«There is a provision for a duty for market participants to inform citizens about the heightened risks associated with digital currencies. At the same time, issues related to introducing restrictions and tightening control over advertising will be developed.»

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In addition, the Finance Ministry proposes to allow non-residents to buy crypto assets on Russian and foreign exchanges, provided that funds are withdrawn through authorised banks, and it also considers the possibility of limiting the list of cryptocurrencies traded in the Russian Federation to protect investors.

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The ministry also allows for the introduction of a tax on income from cryptocurrencies

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Earlier, the government supported the concept for regulating the cryptocurrency industry and tasked the head of the ministry Anton Siluanov, together with the Bank of Russia, with submitting the corresponding bill by February 18.

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Head of the State Duma committee on the financial market Anatoly Aksakov said that the bill is already ready in draft form.

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