Russian finance ministry submits bill on regulation of cryptocurrencies to government

By Trend

Russia’s Finance Ministry has submitted a bill on regulation of cryptocurrencies to the government, according to the ministry’s statement released on Monday, Trend reports with reference to TASS.

"The Finance Ministry of Russia drafted and submitted on February 18, 2022, to the government of the Russian Federation the bill on regulation of cryptocurrencies," the statement said.

According to the bill, the use of cryptocurrencies as a payment instrument will still be prohibited on Russian territory, while digital currencies are considered solely as an investment instrument. Moreover, a special register of exchanges and exchange offices that will be able to have operations connected with organizing circulation of digital currencies, will be created in Russia, according to the bill. The ministry also offers for entering the cryptocurrency exchange to divide investors in terms of the qualification level using testing, and setting an investment threshold.