The government approved the plan of the Ministry of Finance to regulate cryptocurrencies

The agency proposes to use Russian banks to sell cryptocurrencies, identify the owners of crypto wallets and other measures.

  • The Ministry of Finance and the Central Bank should prepare a joint bill by February 18, 2022, RBC writes , citing the minutes of the meeting with Deputy Prime Minister and Chief of Staff Dmitry Grigorenko and sources. The information was also confirmed by the source of The Bell.
  • On January 20, 2022, the Central Bank released a report in which it proposed new restrictions on cryptocurrencies in Russia without their prohibition. On January 27, the Ministry of Finance presented its plan to regulate cryptocurrency.
  • The agency proposed using Russian banks to sell and exchange cryptocurrencies, identify holders of crypto wallets, and divide individuals into qualified and unqualified investors.
  • The Central Bank criticized the position of the Ministry of Finance, adding that its approach threatens the emergence of a “parallel financial system.” On January 28, RBC reported that the Ministry of Finance, the FSB, the Ministry of Digital Development, and other departments agreed on a plan to regulate cryptocurrencies by the end of 2022.
  • According to Bloomberg, Putin supported the Finance Ministry’s ideas on regulating cryptocurrencies and allowing mining in certain regions.
  • On February 6, The Bell reported that the government expects to collect up to 1 trillion rubles in taxes per year on the crypto market.
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