The Russian government has approved the concept of legislative regulation of the circulation of digital currencies, the press service of the Cabinet reported.
It is noted that the Ministry of Finance, the Bank of Russia, Rosfinmonitoring, the Federal Security Service, the Ministry of Internal Affairs, the Federal Tax Service, as well as the Ministry of Economic Development and the Prosecutor General's Office took part in the discussion of this area.
It follows from the publication that the circulation of such financial assets will be regulated by the state "with stringent obligations for all participants in the professional market and an emphasis on protecting the rights of ordinary investors."
It is noted that the goal of regulation is to integrate the mechanism for the circulation of digital currencies into the financial system while ensuring control over cash flows.
“Protection of the rights of citizens, in addition to dividing investors into qualified and unqualified, will be ensured through licensing requirements for cryptocurrency platforms.
Those, in turn, will be required to have financial airbags in terms of liquidity and capital adequacy,” the government explained.
Along with this, market participants are planned to be required to inform citizens about the increased risks associated with digital currencies.
It is noted that the implementation of the concept approved by the Cabinet of Ministers will create the necessary legal framework and bring the digital currency industry out of the shadows.
The authors of the document propose to introduce into the legislation new subjects of regulation by analogy with the regulation of "digital financial assets".
We are talking about the organizer of the digital currency exchange system, the information system of the organizers of the digital currency exchange system and the operator of such an exchange.
The organizer of the exchange system, according to the document, can be a bank with a universal license, which has the right to open and maintain bank accounts for individuals and legal entities, provide electronic means of payment, including corporate ESP.
To monitor cryptocurrency transactions, it is proposed to use the Transparent Blockchain service, which allows, in particular, to determine the parameters of “normal”, suspicious and high-risk transactions, and to trace the chains of movement of digital financial assets.
In addition, the system is able to form a database of cryptocurrency wallets associated with illegal activities and financing of terrorism, identify virtual asset service providers through which the legalization and concealment of funds obtained by criminal means take place, as well as identify and classify participants in cryptocurrency transactions using data from open sources.
Along with this, the document states that in order to carry out transactions for the purchase or sale of digital currency, the client will need to be identified and open an account with the organizer of the digital currency exchange system.
The document also provides for the division of individual clients into qualified and non-qualified investors.
It is planned to identify this parameter by testing in the system of the organizer of the digital currency exchange system, followed by setting limits on transactions for unqualified investors.
In addition, the concept allows the purchase and sale of digital currencies on a foreign exchange, for which there are separate requirements.
In particular, such sites must have representative offices in Russia, be technically integrated with the Russian organizer of the digital currency exchange system, and also have special licenses.
At the same time, such exchanges cannot be registered in countries with a preferential tax regime.
Different positions on the regulation of cryptocurrencies in the Russian Federation
Recall that at the end of January, the Bank of Russia proposed to ban the mining and use of cryptocurrencies in the territory of the Russian Federation.
The regulator's leadership expressed the opinion that these digital assets pose a threat to the well-being of citizens and the stability of the financial system, and are also used to service illegal activities.
The tough position of the Central Bank did not find support in the government and the Ministry of Finance, where they advocated the regulation of cryptocurrencies.
Also on russian.rt.com “To hold a discussion in the near future”: Putin instructed the government and the Central Bank to come to a consensus on cryptocurrencies
During a meeting with members of the Cabinet on January 26, Vladimir Putin said that the government and the Central Bank need to reach a consensus regarding the regulation of the cryptocurrency market.
According to the president, the issue of regulating the digital money market is now in the spotlight.
The Russian leader noted that he was familiar with the ongoing discussion on this matter.
As the president stressed, the Central Bank does not stand in the way of technical progress and is making the necessary efforts to "introduce the latest technologies in this area of activity."
At the same time, Central Bank experts see the risks of the spread of cryptocurrencies, primarily for the citizens of the country, Putin added.
“Although, of course, we also have certain competitive advantages here, especially in the so-called mining.
I mean a surplus of electricity and well-trained personnel available in the country,” Putin said.