According to government sources, the Russian Ministry of Finance revised its draft law “On Digital Currency” to incorporate suggestions from other government departments and agencies. Vedomosti, a business newspaper, revealed that this was done by Vedomosti, citing government sources. These amendments were coordinated with the ministries for economy, digital development and internal affairs as well as Rosfinmonitoring, Russia’s financial watchdog.
The Central Bank of Russia is the only major institution not on the list. It continues to oppose legalization of cryptocurrency like bitcoin and disagrees with Minfin’s regulatory model which seeks to create a legal market for digital asset. In February, the ministry’s legislation was first submitted to federal government.
Russian authorities are more united in their belief that cryptocurrency should not become legal tender in Russia. Although the law “On Digital Currencies” prohibits crypto assets from being used as a payment method, it suggests that they be recognized as an investment tool.
Vedomosti said that a new provision in the revised regulations would allow Russian legal entities as well as individual entrepreneurs to use cryptocurrency for payments with foreign counterparties. This news comes shortly after Interfax reported that the Russian finance ministry was considering this option, as Russia’s access is restricted by Western sanctions over the war in Ukraine.
The bill also includes a ban on advertising crypto trading platforms not licensed to operate within Russia. Authorized exchanges could be required to keep information on cryptocurrency holders and their transactions for three years, and share that data with Russian law enforcement. Only Russian customers will be allowed to purchase and sell cryptocurrency.