Major changes are expected in Russia's financial system. The State Duma has approved new regulations that will strictly control the circulation of digital assets in the country. Zamin.uz presents the important aspects of these revolutionary news in the crypto market.
Licensing and control: Who will be allowed?
According to the draft law "On Digital Currency and Digital Rights" adopted by the State Duma in the first reading, only intermediaries with special licenses will now be able to deal with digital assets. These include:
Official exchanges and brokers;
Trustees;
Digital depositories.
The Bank of Russia will be authorized to issue licenses for this activity and monitor market participants. The use of services of licensed intermediaries will be mandatory for all other sellers.
Payments and investments: What is prohibited?
In the new legislation, cryptocurrency is treated as property. It can be used for settlements with foreign partners under foreign trade agreements. However, making payments for goods and services in digital currency within the country is strictly prohibited.
New barriers are also being erected for investors:
Qualified investors: Individuals with high experience;
Unqualified investors: They must pass a special test before purchasing assets. If supported by the Central Bank, they may also be subject to 12-month restrictions.
Up to 7 years in prison for illegal activities
Penalties for those engaged in cryptocurrency exchange outside state control are significantly increasing. According to the draft proposed by the government, those providing services without a Central Bank license may face up to 7 years of imprisonment. Additionally, fines of up to 300,000 rubles or compulsory labor for up to 4 years are foreseen.
If this initiative is fully approved, the new regulations are expected to come into force starting July 1 of this year.
Dear readers, in your opinion, does such strict control in the cryptocurrency sphere protect investors or hinder market development?
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What do you think will be the next steps in regulating the cryptocurrency market in Russia?
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