December 9, 2022

Anatoly Aksakov: “The authorities are interested in banning the circulation of cryptocurrency in Russia”

Article reading time:
2 minutes.

Anatoly Aksakov: “The authorities are interested in banning the circulation of cryptocurrency in Russia”

One of the authors of the bill on mining stated that the circulation of cryptocurrency would be completely prohibited in Russia. The law should come into force in February 2023.

Chairman of the State Duma Committee on FinancialThe market Anatoly Aksakov confirmed the intention of the authorities to completely ban the circulation of cryptocurrency assets in Russia and the introduction of liability for the use of cryptocurrency as a means of payment in Russian jurisdiction.

“We are not just interested in limiting the circulation of cryptocurrency in the country, this will be prohibited by law,” Aksakov emphasized in an interview.

The deputy explained that the bill on mining,which was submitted to the State Duma on November 17 and developed taking into account the positions of the Ministry of Finance and the Central Bank. The document establishes a complete ban on the circulation of cryptoassets, advertising of cryptocurrencies and its offer in any form to an unlimited circle of persons, as well as payment by cryptocurrencies for goods, works and services related to its issuance and circulation.

According to the bill, the restrictions are notapplies to crypto assets obtained as a result of mining. The mined digital currency “is subject to sale without the use of the Russian information infrastructure”, with the exception of transactions under the experimental legal regime. When selling cryptocurrencies on foreign platforms, the provisions of the law on currency control and regulation do not apply to this activity.

If the bill is passed, miners will be able toOn January 1, 2023, sell the mined digital currency in two ways. The first is through foreign systems without complying with the law on foreign exchange regulation. The second way is through a special platform that will be created in Russia as part of an experimental legal regime. In both cases, the transactions will need to be notified to the Federal Tax Service.

Anatoly Aksakov promised that more will appear soonone bill that would describe these "experimental legal regimes". As an example, the deputy named the possibility of paying with cryptocurrency for the supply of imported goods.

Crypto industry experts believe that the amendments tothe law on digital assets and the legalization of mining as a business can only be welcomed. However, there is serious concern that new prohibitions and restrictions are being introduced along with this.