The Ministry of Finance of the Russian Federation proposes to ban the organization of the circulation of cryptocurrencies with the exception of stablecoins and the sale of coins to miners. Amendments will be made to the bill regulating the extraction of digital assets, they write mass media citing a knowledgeable source.
According to him, we are talking about preventing the organization of services that help to make civil law transactions or operations to transfer digital currencies from one holder to another through Russian exchangers and crypto ATMs.
However, the FSB and the Investigative Committee opposed the initiative of the Ministry of Finance. In their opinion, these changes actually introduce a ban on organizing the circulation of digital currency in general, which is not confirmed by “concrete arguments”.
The FSB concluded that the definition of the organization of the circulation of digital currency should “exhaustively reveal all the features of this process.”
The UK warned that the proposed wording of the Ministry of Finance could cause confusion between “prohibition on organizing circulation” and “prohibition on circulation”, which, in turn, would lead to legal uncertainty.
In addition, the agency believes that in the future, a ban on the circulation of cryptocurrencies can increase the share of the shadow economy, provoke an increase in crime and fraud, and also destabilize economic relations.
Now in the Russian Federation, transactions for the purchase and sale, circulation and issue of cryptocurrencies are allowed. At the same time, it is not allowed to use such assets as means of payment and advertising such an opportunity.
Recall that the bill regulating mining has been registered in the State Duma of the Russian Federation since mid-November 2022. It obliges individuals and legal entities to report to the tax service on the mined cryptocurrencies, indicating the address of enrollment. Its adoption is expected in 2024.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The Ministry of Finance of the Russian Federation proposes to ban the organization of the circulation of cryptocurrencies with the exception of stablecoins and the sale of coins to miners. Amendments will be made to the bill regulating the extraction of digital assets, they write mass media citing a knowledgeable source.
According to him, we are talking about preventing the organization of services that help to make civil law transactions or operations to transfer digital currencies from one holder to another through Russian exchangers and crypto ATMs.
However, the FSB and the Investigative Committee opposed the initiative of the Ministry of Finance. In their opinion, these changes actually introduce a ban on organizing the circulation of digital currency in general, which is not confirmed by “concrete arguments”.
The FSB concluded that the definition of the organization of the circulation of digital currency should “exhaustively reveal all the features of this process.”
The UK warned that the proposed wording of the Ministry of Finance could cause confusion between “prohibition on organizing circulation” and “prohibition on circulation”, which, in turn, would lead to legal uncertainty.
In addition, the agency believes that in the future, a ban on the circulation of cryptocurrencies can increase the share of the shadow economy, provoke an increase in crime and fraud, and also destabilize economic relations.
Now in the Russian Federation, transactions for the purchase and sale, circulation and issue of cryptocurrencies are allowed. At the same time, it is not allowed to use such assets as means of payment and advertising such an opportunity.
Recall that the bill regulating mining has been registered in the State Duma of the Russian Federation since mid-November 2022. It obliges individuals and legal entities to report to the tax service on the mined cryptocurrencies, indicating the address of enrollment. Its adoption is expected in 2024.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!