Cryptocurrency operations in Russia have been tightly restricted
The rules for dealing with digital money in Russia will change. Zamin.uz reported this.
The State Duma passed in first reading a new bill “On digital currency and digital rights.” The document is scheduled to enter force on 1 July.
From now on, only intermediaries that have obtained a special licence may work with digital assets. The Bank of Russia will issue this licence and oversee all activities.
Those who receive a licence may be official exchanges, brokers, trustees and digital depositories. Everyone else must operate through licensed intermediaries.
Under the law, cryptocurrency may be used for settlements with foreign partners, but it cannot be used to pay for goods and services inside the domestic market. Investors will be divided into two groups.
Qualified investors have high experience. Non-qualified investors must first pass a test.
If the central bank wishes, it may impose restrictions on them for a full year. Exchanging cryptocurrency without a licence will be severely punished.
Penalties of up to 300 thousand roubles, four years of forced labour or up to seven years’ imprisonment are expected. The bill will be sent for final review.
If adopted, the crypto market will be placed under strict control. Experts see the measure as protecting investors.
Others fear it will hinder development. The new rules will certainly affect the market’s future.
