The Russian Finance Ministry is drafting a bill to regulate the circulation of cryptocurrency, on Saturday said the Finance Minister Anton Siluanov in an interview aired on “Russia 1” TV channel. The Russian state-owned news agency Tass quoted him saying:
“All countries are working to regulate the use of this financial instrument legislatively, and the financial instrument is very volatile, that is, it has one price today, another tomorrow. In order for us not to have so-called deceived investors, regulation is necessary. The Ministry of Finance will prepare such a draft law by the final end of the year.”
Russia’s Finance Ministry Drafts Law to Legalize CryptocurrenciesIn the interview, on Friday at the Moscow Financial Forum’s press conference he reiterated what he said.
“There is no point in [crytocurrencies] prohibiting them, it is necessary to regulate them,” he said, adding that the draft law “will regulate the procedure for acquiring, circulating, and registering participants who are going to invest and buy this instrument,” RBC detailed.
Availability to Individuals
Deputy Finance Minister Alexei Moiseev recently proposed for cryptocurrencies including bitcoin to be listed on stock exchanges, such as Moscow Exchange, but should be only available to qualified investors. However, On Friday Siluanov said at the forum, as reported by RBC, that:
It is believed by us is possible for individuals to participate in the purchase of these instruments, but these purchases should be regulated clearly, identified, and settlements in these cryptocurrencies must be controlled by the relevant authorities.
He then suggested that the process of buying cryptocurrency for individuals should be organized in the same way as buying federal loan bonds (OFZ). In April The finance ministry started selling these ruble-denominated OFZs to households. Russians can buy these bonds at 1 approximately,400 branches of VTB and Sberbank bank, according to CNBC.
Central Bank Drafting Proposal
Russia’s Finance Ministry Drafts Law to Legalize CryptocurrenciesMeanwhile, the central bank is drafting a proposal on the regulatory framework for digital currencies.
Early this full month, the bank issued a statement warning about digital currencies as well as Initial Coin Offerings (ICOs). The bank stated that it is premature to admit cryptocurrencies and any other related financial instruments to the circulation and use at organized trades in Russia.
The Chairman of the continuing state Duma Committee on Financial Markets, Anatoly Aksakov, told Tass that the draft law on cryptocurrencies shall be prepared this fall, adding that:
The Central Bank and the Ministry of Finance are developing proposals on their legalization in the Russian Federation.