Russia to Legalize Digital Currencies

by in Cryptocurrency News

Russia crypto bill

Russia’s Ministry of Finance revealed that it finalized the bill "On Digital Currency." The updated bill includes clarification on crypto trading and mining.

Related: Russian Duma Considers Selling Gas and Oil for Bitcoin

Thus, the bill suggests forming regulations for the crypto sector. According to the document, digital currencies can be accepted as a means of payment that isn’t the currency unit in the country. Also, the law allows crypto investments.

The local news provider Kommersant writes that the law will create new opportunities for crypto miners as both entities and individual miners can carry out mining after passing the required registration processes.

On the other hand, the bill offers strict rules for crypto services providers. They will need to conform to a minimum budget to carry out their services in the country. For crypto exchange operators, this amount is defined at about $40.000 (30 M Rubles), and for trading platforms, it is set at $100,000 (100 M Rubles). Exchanges will provide crypto buy-sell services on their behalf and at their own expense, and trading platforms will provide managed trades.

These companies will be required to create separate units, yearly reports, audits, be registered for AML compliance, etc. The government will define a regulatory body, which will supervise the actions.

The bill mentions that only Russian countries can apply for offering their services. If a foreign exchange wants to get a license, it would be required to form a business entity in the country.