Russia’s Finance Ministry drafts legislation to define and regulate cryptocurrency

Source: Meduza

Federal lawmakers have adopted the first reading of legislation developed by the Finance Ministry that introduces Russia’s first legal definition of cryptocurrency, designating it as digital property that is not a legal means of payment in Russia. The draft law also establishes a procedure for cryptocurrency transactions that includes a new kind of electronic contract: a “smart contract.”

If the legislation is adopted, the buying and selling of cryptocurrencies would be legal only through special “exchangers.” Users would get their own accounts and digital wallets, though they wouldn’t be allowed to have private keys to these ledgers. The draft law tasks Russia’s Central Bank with developing a procedure for managing these exchange accounts.

In 2016, Russia’s Finance Ministry proposed an outright ban on cryptocurrency, arguing that the use of “money surrogates” facilitates money laundering.

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Russia’s Finance Ministry drafts legislation to define and regulate cryptocurrency

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Russia’s Finance Ministry drafts legislation to define and regulate cryptocurrency

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