MOSCOW—As the country continues to deal with sanctions, including being cut off from much of the international banking community, Russia continues to move forward in other areas, with its Ministry of Finance of Russia, which has submitted an updated version of its bill “On Digital Currency.”
The legislation is designed to comprehensively regulate the country’s crypto market. There have been some reports that Russia and its citizens have turned to crypto as a means of evading the sanctions.
Details about the law’s provisions have surfaced in Russian media reports, Bitcoin.com reported.
According to the draft, qualified investors, or “professional purchasers of digital currency, will have unrestricted access to crypto assets. Ordinary Russians, however, will be able to buy a maximum of 600,000 rubles (approx. $7,000) worth of cryptocurrency each year. And that’s after they take a special exam, Bitcoin.com explained.
Those Russian residents who fail to pass the test will be allowed to only acquire coins with a total value not exceeding 50,000 rubles annually (around $600 at the current exchange rates), the Interfax news agency stated, quoting a source familiar with the document, Bitcoin.com said.
How Term is Defined
The new law defines the term “digital currency” as “a set of electronic data contained in an information system that can be accepted as a means of payment that is not the monetary unit of the Russian Federation, or as an investment.”
Digital currency is considered property in Russia, the report notes.
“The wording seems to provide the legal basis for the employment of cryptocurrencies in payments,” Bitcoin.com stated. “But at the same time, the bill reads that Russian legal entities, including subsidiaries of foreign companies and international organizations established in Russia as well as individuals staying in the country for at least 183 days within 12 months, cannot accept digital currency as payment for goods and services.”
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