The Russian Ministry of Finance is about to finalize draft regulations on cryptocurrencies and intends to legalize cryptocurrencies as a means of payment.
The bill also touches on mining and may provide much-needed clarity to the local industry. It also introduces the concept of professional and non-professional buyers and the need to establish trade rules.
According to the bill, cryptocurrencies will become a recognized method of payment and "not a currency unit of the Russian Federation." Cryptocurrency will also be verified as an investment. The bill is not created equal for all, and only encryption “without obligation” will be considered legal in the country. This could mean that people will be able to pay with Bitcoin (BTC), but not stable coins like Tether.
At the same time, the bill will also restrict who can register as an exchange operator or a digital trading platform operator. The former will have a regulatory requirement of 30 million rubles, while the latter will need to present 100 million rubles to gain approval to operate in Russia.
Companies operating in the cryptocurrency space will also be required to submit regulatory filings and announcements, just like traditional financial institutions. Additionally, any foreign entity that wants to operate in Russia must establish a unit in the country.