The Russian government backed the Finance Ministry’s proposed concept for regulating the cryptocurrency industry. This was reported on the official site.
“The implementation of the concept will create the necessary regulatory framework, bring the digital currencies industry out of the shadows and enable legitimate entrepreneurial activity,” the government said in a statement.
As RBC reports, citing the minutes of a meeting with Deputy Prime Minister and head of the presidential administration Dmitry Grigorenko, he instructed Finance Minister Anton Siluanov, together with the Central Bank, to submit the relevant bill by February 18.
Earlier, the Bank of Russia proposed banning the circulation of cryptocurrencies and their mining within Russia.
The Ministry of Finance did not align with such a position did not agree and presented its own concept for regulating the market. It envisions conducting operations with digital currencies through banks, full user identification, and transaction tracing.
By February 11 the government must develop regulatory scenarios for the cryptocurrency market, with an assessment of their consequences.
Also in Russia, a roadmap through the end of 2022 was approved, envisaging mandatory registration of crypto platforms in the country, as well as liability for the illegal turnover of digital assets and for failing to declare information about transactions with them.
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