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After months of speculation about how the Russian government will handle digital currencies, it has reached an agreement with the central bank on how to regulate cryptocurrencies, according to a Tuesday announcement.
The two are working on a draft law that will define crypto as an “analogue of currencies” rather than digital financial assets and is expected to launch as early as this month.
In the concept framework investor protection is highlighted and the federal government intends to allow crypto platforms to operate under a licensing regime. In addition, investors will be divided into qualified and non-qualified classes. Those providing crypto services will have to meet meet certain capital and liquidity requirements.
The Russian government stated:
“The implementation of the concept will ensure the creation of the necessary regulatory framework, will bring the digital currency industry out of the shadows and create the possibility for legal business activities.”
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It was also noted that Bitcoin (BTC) transactions and holding of cryptocurrency in Russia are not prohibited; however, a “digital currency exchange organizer” (a bank) or a peer-to-peer exchange licensed in the country, needs to be involved