Is cryptocurrency allowed now?

The government has developed a roadmap on the regulation of cryptocurrency assets. Soon, the turnover of digital currencies in Russia will be regulated by the state with strict obligations for all participants of the professional market and an emphasis on protecting the rights of unqualified investors. The government reported that the main purpose of regulation is to integrate the mechanism of digital currency turnover into the Russian financial system. A regulatory framework is being developed for conducting legal commercial detail in the field of cryptocurrencies and the possibility of combating corruption schemes in this area.

Provisions of the roadmap

To sell cryptocurrency assets, it is necessary to go through the client identification procedure
(KYC – know your client) and open a cryptocurrency wallet from a digital currency exchange operator. The operators will be banks that have a universal license, which gives them the right to work with digital assets.

The roadmap also assumes the use of the “Transparent Blockchain” service (already developed by Rosfinmonitoring), which will contain a database of electronic wallets whose owners are suspected of illegal activities.

The future of cryptocurrencies in Russia now looks quite definite because the Ministry of Finance, the Central Bank of the Russian Federation, the Ministry of Internal Affairs, the FSB, the Federal Tax Service, Rosfinmonitoring and the Prosecutor General’s Office participated in the discussion.

The adoption of the law on the regulation of cryptocurrency assets is expected before the summer of 2022.