The Government of Russia has announced that it will regulate digital currencies in the country.
In an official statement, the Russian government said:
“The government has determined the future of digital currencies in Russia. The turnover of such financial assets will be regulated by the state with strict obligations for all participants in the professional market and an emphasis on protecting the rights of ordinary investors.
The purpose of the regulation is to integrate the mechanism for the circulation of digital currencies into the financial system and ensure control over cash flows in the circuit of credit institutions.“
– Russian Government
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Accordingly, it has been decided that the exchange of such financial assets will be regulated by the state with strict obligations for all participants in the professional market and an emphasis on protecting the rights of ordinary investors.
Some of the provisions envisioned in the upcoming regulation include:
- Licensing requirements for cryptocurrency platforms
- Requirements on liquidity and capital adequacy for platforms
- Stipulation for firms to inform clients about risks associated with crypto
Besides protecting citizens, Russia is seeking a regulatory framework as a way to get the new financial technologies ‘out of the shadows.’ The government is also looking to enable legal business activities by introducing a legal framework for crypto.
The announcement comes a few weeks after the country’s Central Bank said it would be recommending a partial ban of cryptocurrencies. However, an overall decision has been made to support the growth of crypto with the country’s Ministry of Finance, the Central Bank, and other major authorities reaching the decision to create a framework for its legalisation.
Read / Download government statement here
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