A proposal to allow companies to use cryptocurrencies in cross-border settlements has made its way into this year’s draft law aimed at regulating Russia’s crypto space. According to news reports, the Treasury Department has made several amendments to the legislation it has been working on over the past few months.
Changes in cryptocurrency bill could enable international coin payments in Russia
Russian business daily Vedomosti, citing government sources, said that the Russian Ministry of Finance has revised the draft law “on digital currencies” to reflect various proposals from other government departments and agencies. The amendments have been coordinated with the Ministry of Economy, Ministry of Digital Development, Ministry of Interior, Federal Tax Service and Russia’s financial regulator Rosfinmonitoring.
One major institution missing from the list is the Central Bank of Russia, which remains opposed to any legalization of cryptocurrencies such as Bitcoin, and separately disagrees with Minfin’s regulatory concept aimed at creating a legal market for digital assets.The ministry’s legislation is the first submit Submitted to the federal government in February.
There is a broader consensus among Russian authorities that cryptocurrencies should not be accepted as legal tender in the country. The law “On Digital Currency” prohibits the use of cryptoassets as a means of payment, but recommends that they be considered as an investment vehicle.
Nonetheless, Vedomosti revealed that a provision introduced in the latest revision will allow Russian legal entities and individual entrepreneurs to use cryptocurrencies to make payments with foreign counterparties.The news comes after Interfax earlier reported that the Treasury Department was considering This choice comes because Russia’s access to traditional payment channels is limited by sanctions imposed by the West over the war in Ukraine.
Other proposals included in the revised bill include a ban on advertising on crypto exchanges that are not licensed to operate in Russia. Meanwhile, authorized exchanges may be obliged to store information about cryptocurrency holders and their transactions for three years and share the data with Russian law enforcement. Only authenticated customers can buy and sell cryptocurrencies through Russian bank accounts.
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