⚡️ The Bank of Russia has prepared a concept for regulating cryptocurrencies in the Russian market, the regulator said.
📍 Both qualified and non-qualified investors will be allowed to purchase crypto assets, but with different rules for each category. The Bank of Russia has submitted proposals to amend legislation for review by the Government.
📍 At the same time, the regulator continues to view cryptocurrencies as a high-risk instrument. They are neither issued nor guaranteed by any jurisdiction, are subject to high volatility and sanctions risks. Investors must understand that investing in crypto assets involves the risk of losing their funds.
📍 Under the concept, digital currencies and stablecoins are recognized as currency valuables. They may be bought and sold, but cannot be used as a means of payment domestically.
📍 Non-qualified investors will be able to purchase the most liquid cryptocurrencies, defined by criteria set in legislation, but only after passing a test and within a limit of no more than 300,000 rubles per year per intermediary.
📍 Qualified investors will be allowed to purchase any cryptocurrencies except anonymous ones (whose smart contracts conceal information about token transfers to recipients), with no limits on transaction volumes, but also only after passing a risk-awareness test.
📍 Crypto transactions may be carried out through the existing infrastructure: exchanges, brokers, and trust managers will be able to operate under their current licenses. Separate requirements will apply only to specialized depositories and exchanges working with cryptocurrencies.
📍 Residents will also be permitted to purchase cryptocurrencies abroad (using foreign accounts) and to transfer previously acquired crypto abroad via Russian intermediaries, but such transactions must be reported to the tax authorities.
📍 The new regulation will also affect the digital financial assets (DFA) market. The circulation of DFAs and other Russian digital rights (utility and hybrid) will be allowed on open networks, enabling issuers to attract foreign investment more freely and clients to acquire DFAs on terms no worse than those for cryptocurrencies.
📍 The concept provides for the preparation of the legislative framework by July 1, 2026. From July 1, 2027, liability for illegal activities by crypto market intermediaries is planned to be introduced, analogous to liability for illegal banking activities ⚖️💻
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