The agency will also consider limiting the number of cryptocurrencies that will be traded in the country.
Foreigners will be able to purchase cryptocurrency on Russian exchanges only on the condition that the funds are withdrawn through Russian banks, Interfax writes with reference to the explanations of the Ministry of Finance to the concept of regulation of cryptocurrencies.
Also, non-residents will be able to access foreign platforms that will open a representative office in Russia.
The Ministry of Finance believes that foreign investors may be interested in buying cryptocurrencies from Russian miners.
In addition, the agency will consider limiting the number of cryptocurrencies that will be traded in the country in order to protect investors. Foreign cryptocurrency exchanges often do not check projects before listing, allowing fraudulent assets and cryptocurrencies of financial pyramids to trade, the Ministry of Finance noted.
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.
On February 8, 2022, the government approved the plan of the Ministry of Finance to regulate cryptocurrencies. The agency, together with the Central Bank, must submit a bill by February 18.
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