The Ministry of Finance of Russia is looking forward to its planning to legislate virtual currencies in the nation. The new bill is based on the last bill, drafted by different government units involving main law enforcement mechanisms. The Ministry of Finance announced the disapproval of the Bank of Russia will be deemed in the additional work on this bill where they don’t oppose the Ministry of Finance process. The statement brings out the strategy split with the Bank of Russia, which obstructs restriction and would rather recognize virtual currency trading and mining prohibited. The central bank has indicated penalizing crypto trading and allotment with fines up to 500,000 rubles ($6,360) for a single being and one million rubles for corporations.
The bill deals with crypto as a piece of investment equipment but not a legal tender. Foreign crypto exchanges must enroll legal entities in Russia to furnish assistance in the nation. The press further said that entire virtual currency to fiat pacts must be performed through bank reports, and users must complete the know-your-customer (KYC) with both banks and digital currency exchange. Exchanges also will have to tell users about the troubles of investing in crypto. Investors have to clear online tests to confirm sufficient knowledge about virtual currencies and corresponding threats. Those who clear the trial can invest up to 600,000 rubles in a year and those who don’t clear the test are limited to 50,000 rubles only. Whereas the competent investor will not have any thresholds.
Digital currency trades must maintain their crypto and their users’ funds in different accounts and preserve a document of all their users’ crypto addresses. The mining of cryptocurrency will moreover be legislated under the recommended bill.
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