Validation of Cryptocurrency Trading on Approved Exchanges: Russia Drafts Bill

Legalization of Cryptocurrency Trading in Russia has finally taken a form of a Bill. Russian Ministry of Finance presented the Bill at the end of December. Ministry has been working on the drafting of the Bill in collaboration with the Central Bank. To keep things in control, certain limits have been set. Legalization of Trading will be approved only for Official Exchanges.


Trading will be Standardized

 

“We are in Support with the Cryptocurrency Trading in Russia, don’t want to limit and regulate but will set some limits”, stated the Russian Deputy Finance Minister Alexei Moiseev, in a recent talk, reported RNS on Thursday. 


Further quoted:


This is all about the fact that buying and selling [of cryptocurrencies] will be somehow standardized. The general idea is that it will be necessary to buy and sell on official exchanges, as it will be declared, it will be legalized.


Ministry is still working on the List of official exchanges.


On 28th December 2017, Ministry presented the bill at the public council. Followed by a number of comments and statements, finalizing of the bill is still under process.


Moiseev revealed Discussion on the list of approved exchanges is still unresolved. The rest is more or less clear.


Putin on Cryptocurrency Trading in Russia

Last year, Russia’s president Vladimir Putin officially issued 5 orders concerning the exercise of digital technologies in the financial sector. Out of five, three were in relation to cryptocurrencies and ICOs. Ordered to be completed by July of this year.


With the work in process, Chairman of the State Duma Financial Markets Committee, Anatoly Aksakov reported that the bill is expected to be adopted in March.


In a press conference, Putin discussed over the necessity of regulation and further quoted:


It is known that there is nothing behind cryptocurrency. It cannot be a means of accumulation, there are no material values behind it, it is not provided with anything, it can be, in a certain degree and in certain situations, a means of settlement, which is quickly done and effectively.


Adding to his lines, he continued “If we regulate, but not efficiently enough, then the government will be responsible for the difficult situations that people can get into”


The trading and mining of cryptocurrencies, including bitcoin, is not regulated by Russian laws presently. However, Putin has ordered the government to create legislation for cryptocurrencies, including determining their status and creating a legal framework for both crypto mining and initial coin offerings (ICOs).

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