Finance Ministry and Bank of Russia tasked to draft legislation regulating cryptocurrency transactions.
among Russian institutions, most of which favor regulation over prohibition, and dismiss its concerns over financial stability.
Russia’s financial watchdog, Rosfinmonitoring, the Federal Tax Service, the Ministry of Economic Development, the Ministry of Internal Affairs, the Federal Security Service, and the Prosecutor General’s Office also took part in the discussions. The Russian government emphasized: 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.Quoting the minutes from a meeting hosted by the government, the business news portal RBC reported that Deputy Prime Minister and Chief of Staff, Dmitry Grigorenko, has approved the regulatory.
At the core of the finance ministry’s proposal is the requirement to conduct all crypto-related operations through domestic banks. At the same time, the department also wants to authorize foreign digital asset exchanges to operate in the Russian market, if they open an office or register an entity in the Russian Federation.
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