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Russia Allows Cryptocurrencies Investors to transact through banks

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In its Digital Currency Bill, the Russian Ministry of Finance will allow investing in cryptocurrencies, but prohibits paying with them. The aforementioned ministry reports the sending of its Bill to the Government of the country in a statement dated today. In the proposed regulation, the use of digital currencies as a means of payment “will continue to be prohibited and digital currencies will be considered investment vehicles only.” The changes introduced, the note specifies, are aimed at creating a legal market for digital currencies.

Russia allows to invest in cryptocurrencies


The statement indicates that crytocurrency trading operations will only be possible if the client is identified. Likewise, the deposit and withdrawal of cryptocurrencies can only be made through banks.

The identification of the client will be carried out both by the operators, when accepting clients for the service, and by the banks when opening a bank account. Operators, such as banks, will have to carry out compliance procedures and report suspicious transactions to the Federal Financial Supervision Service.

To protect the rights and interests of investors, exchanges will have to inform citizens about the high risks involved in acquiring digital currencies. Citizens will have to undergo online tests before buying a cryptocurrency, which will determine their level of knowledge and possible risks. If they successfully complete the tests, they will be able to invest up to 600 thousand rubles a year in cryptocurrencies. If they fail to pass the test, the amount will be limited to 50 thousand rubles. Qualified investors and legal entities will be able to transact without restrictions.


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Likewise, cryptocurrency houses will be required to keep records that allow the identification of the holders of digital currencies. The bill also includes the definition of digital mining as an activity aimed at obtaining cryptocurrencies and provides a mechanism to make the necessary information available to tax authorities so that they can exercise control and supervision functions.

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