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The Russian government has approved a set of legislative proposals aimed at regulating the circulation of cryptocurrencies and establishing penalties for violations of these regulations. Among the approved measures, the Ministry of Finance specified the limit on trading crypto assets.
The Cabinet of Ministers of Russia endorsed all three bills in the package during a meeting on Tuesday, March 30. The documents are titled: “On Digital Currency and Digital Rights,” “On Amendments to Certain Legislative Acts,” and “On Amendments to the Code of Administrative Offenses.”
The recently published statement from government officials does not clarify which specific document contains the requirement to limit the amount that Russian citizens without qualified investor status are allowed to purchase in cryptocurrencies. It was stated that the limit, as promised, will be set at 300,000 rubles per investor with a single broker.
Furthermore, “non-qualified investors” will only be able to acquire “the most liquid digital currencies included in the list of the Bank of Russia” and only after passing a special test. Each broker will require the test to be taken anew.
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Russian citizens with qualified investor status will also need to undergo testing; however, they “will not have limits on the amount,” the Ministry of Finance reported.
Transactions involving cryptocurrencies “without regulated intermediaries” are prohibited, according to the announcement, without specifying that the articles of the bills could theoretically change during parliamentary review.
Russian citizens are “permitted to purchase digital currencies abroad” — but these purchases must be paid for exclusively from foreign accounts, the Ministry of Finance declared. It will also be possible to transfer currency purchased through Russian intermediaries abroad, officials promise. However, they clarify that all such “foreign operations” must be reported to the tax authorities.
Amendments to the Code of Administrative Offenses promise penalties for Russians for “violating the requirements imposed on organizations engaged in exchanges.” Thus, according to the Ministry of Finance’s announcement, the focus is on penalties for exchange operators rather than for buyers and sellers of cryptocurrencies.
The package of legislative proposals is expected to be submitted to the State Duma in the coming days, as promised a few days ago by Alexey Yakovlev, head of the financial policy department of the Ministry of Finance.
