Russia’s Finance Ministry Unveils its Bill on Crypto Regulations (Report)

The Russian Ministry of Finance reportedly presented its draft legislation on digital asset regulations. The institution called upon enhanced protection rules and set a limit on annual cryptocurrency investments.
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Russia’s top authorities are still far from reaching a unanimous decision on how to approach the local cryptocurrency market. The Bank of Russia insists on a total ban of all digital asset endeavors, while the Finance Ministry urges for proper regulation.
According to a recent coverage, the latter has not backed away from its plans to legalize the market. The bill reads that the use of cryptocurrencies as a payment method will still be prohibited on Russian soil, but they will be considered an investment instrument.
The Finance Ministry is willing to impose further security rules. If the bill gets approved, every crypto transaction would require customer identification.
In addition, the lawmakers opined that foreign digital asset exchanges should obtain a l

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