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Russia could soon legalize cryptocurrencies despite ongoing calls to ban them by the country’s central bank. The country’s Finance Ministry is moving ahead with its Bitcoin regulation proposal, and in its latest move, it has introduced a bill to parliament seeking to make cryptocurrencies legal. More and more countries are now moving towards regulating cryptocurrencies.
The finance ministry seeks to give Bitcoin legal clarity for the first time in Russia.
The Russian finance ministry announced that it had submitted a bill to parliament seeking to give Bitcoin legal clarity for the first time in Russia. It considered all the proposals from other law enforcement agencies on the best way forward for the industry while drafting the crypto bill, the ministry said in its press release. The move comes after the ministry announced last week that the public feedback period for the bill had opened up and would run until late March. It issued two notices, with the first calling for feedback from digital asset stakeholders, legal entities, and the public at large on the bill.
The proposed bill doesn’t give Bitcoin legal tender status.
According to local media outlets, the proposed bill doesn’t give Bitcoin legal tender status. Instead, it treats it as an investment tool, much like stocks or gold. The proposed bill requires all virtual asset service providers (VASPs) to obtain a license to serve Russian customers, subject to fulfilling a raft of requirements. These licenses will apply to exchanges as well as over-the-counter platforms. The bill requires foreign exchanges to register a legal entity in Russia before applying to be licensed to serve Russians.
