Russia approves legislative cryptocurrency regulation concept

MOSCOW, Feb 9 (PRIME) -- The Russian government has approved a concept of legislative regulation of digital currencies circulation with tough rules for all the market players, the government’s press service said late on Tuesday in a statement.

“The government has determined the future of the digital currencies in Russia. Circulation of such financial assets will be regulated by the government with strict requirements for all the participants of the professional market and focus on protection of the rights of ordinary investors,” the statement read.

Organizers of a digital currency exchange will be banks with a universal license with the right to open and keep bank accounts of individuals and companies, provide electronic means of payment, including corporate electronic means of payment, add organizers to the register of the digital currency exchange organizers and the rules of work of the digital currency exchange that are agreed with the relevant authority.

The organizers will identify a participant of exchange of the digital currency for fiat money, including information about the device used and the personal data of an individual. Only Russian companies can become the organizer.

Digital service Transparent Blockchain can be used to monitor cryptocurrency transactions, the government also said. 

“To protect the rights and interests of investors, it is offered to split them into qualified and non-qualified groups and is seen necessary to create conditions for licensing of cryptocurrency floors, that will be obliged to have financial safety airbags by liquidity and capital sufficiency, which will safeguard the people’ interests, in its turn,” the document read.

“The purchase and aale of digital currencies is possible on a foreign exchange. Special requirements will be also set for a foreign exchange to work on the territory of the Russian Federation. The requirements are: a) a representative office of the bourse on the territory of Russia; b) technical integration with the system of a Russian organizer of the system of digital currency exchange,” the statement also said.

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