The government officially sided with the Ministry of Finance in a dispute with the Central Bank about the need to regulate cryptocurrencies. On February 7, the Cabinet of Ministers approved the concept of the ministry. The department, together with the Central Bank, was instructed to submit the relevant bill to the government by February 18, according to the instructions of Deputy Prime Minister Dmitry Grigorenko (Izvestia has the document).
The concept that formed the basis of the bill provides for the conduct of all cryptocurrency transactions through Russian banks, the licensing of operators of such transactions, the introduction of limits for unqualified investors and the identification of owners of digital currencies. It is proposed to collect the following personal data: name, address, date of birth, email, phone number, passport data (including a copy of the document), photo, bank account number, bank card data used for crypto transactions. The IP addresses that are used for transactions will also be tracked.
In addition, the concept provides for the introduction of additional requirements for foreign crypto exchanges, the category of “digital currency exchange operator”, which can only be Russian legal entities, the use of the “Transparent Blockchain” service to detect illegal transactions and the obligation for market participants to inform citizens about increased risks.
The Ministry of Finance also advocated the regulation of mining. The agency noted that it was already preparing legislative proposals in this area. In addition, the Ministry of Finance will work out the issues of restrictions on advertising of cryptocurrencies.
The concept is described in detail in a letter from Finance Minister Anton Siluanov to Prime Minister Mikhail Mishustin (Izvestia has it). It states that the approach of the Ministry of Finance is supported by all departments, except for the Central Bank – the Ministry of Economics, the Ministry of Digital Transformation, the Ministry of Internal Affairs, the Federal Tax Service, the Federal Security Service, Rosfinmonitoring and the Prosecutor General’s Office.
According to expert estimates of the ministry, the amount of funds of Russians in crypto wallets is about 2 trillion rubles, and their number exceeds 12 million. The implementation of the concept will “whitewash” the industry, the Ministry of Finance is sure.
More details – in an exclusive material of “Izvestia”.
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
