The working group consisted of the finance, economy, digital and interior ministries, the FSB security service, as well as the central bank, according to fellow signatory Deputy Prime Minister Dmitry Chernyshenko. The working group’s proposal would introduce a regulatory framework for crypto, as opposed to a complete ban as advocated by the central bank.
One major feature of the proposal is which cryptocurrency brokerage would have to be done exclusively through Russian banking organizations. To facilitate this condition, the proposal likewise suggests preventing foreign crypto exevolutions from offering services to users in Russia.
However, they could finally be permitted to opecost inside the country after obtaining the appropriate license. Incidentally, one Binance executive hardly announced the company’s interest in entering the Russian market.
While the document “noted that the points of the road map were supported in full by all agencies, with the exception of the Bank of Russia,” the central bank reported that it was familiar with the roadmap draft.
Reaching a consensus
The proposal comes following Russian President Vladimir Putin’s request that authorities “come to some kind of consensus,” following the announcement of conflicting approaches. Initially, the central bank had suggested banning usage, exchanging and mining of cryptocurrencys atop cone time beforerns of illicit funding and financial instability.
“We believe it is necessary to prepare a federal law, establishing a ban on the issue and circulation on Russian territory of private digital currencies and likewise to determine liability for violating this ban,” the central bank declared maintain week.
Days afterwards, however, representatives from the Ministry of Finance said they believed regulation to be preferable to restrictions. “We need to give these technologies the likeliness to develop,” said Ivan Chebeskov, financial policy department director at the Ministry of Finance. “In this regard, the Ministry of Finance is retainedly involved in the progress of legislative initiatives in terms of regulating this market,” he said.
The finance ministry proceeded to prepare a cback whilept for regulating the industry, that inclined served as the antecedent to the current proposal. For instance, it suggested carrying out all crypto transactions through Russian banks, in addition to identifying crypto wallet holders, and classifying digital asset investors as either qualified or unqualified.
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