Cryptocurrency Bill in Russia To Legalize Trading On Approved Exchanges

Announcements, News, Regulation | January 15, 2018 By:

Russian Deputy Finance Minister Alexei Moiseev said that the ministry has drafted a bill to legalize the trading of cryptocurrencies on approved exchanges.

In an interview on Russia 24 TV Channel, Moiseev said the Finance Ministry “supports the legalization of trade in cryptocurrencies on official exchanges.” The bill would allow for more open cryptocurrency trading and investment within Russia. Moiseev, however, indicated that the issue of which exchanges would be approved is still “currently unresolved.”

“We do not want to over limit and over-regulate, but we will set some limits,” he said. “The general idea that it will be allowed to buy and sell cryptocurrencies only on exchanges with official status and assets will have to be declared and legalized.”

In October, the Finance Ministry said that in order to counter money laundering and terrorist financing, cryptocurrency miners need to register with the government, and any exchanges dealing with them needed to be licensed. However, in his latest statement, Moiseev said that the ministry does not intend to introduce licensing for the mining of cryptocurrency, but the mining will be taxed.

Moiseev plans to introduce the proposals to the State Duma in February. He believes that changes to the Civil Code of the Russian Federation in connection with the adoption of the draft law will not be required.

Last month, Finance Minister Anton Siluanov spoke in favor of limiting cryptocurrency trading. He said that cryptocurrencies like bitcoin should be traded only by professional investors, not in the mainstream.