Central bank and Ministry of Finance are working on crypto tours
According to reports, the Russian Ministry of Finance and the Russian Central Bank are planning to introduce a crypto exchange for qualified investors as part of an experimental legal regulation.
The platform will be aimed at “particularly qualified investors”, explained Finance Minister Anton Siluanov during a ministry meeting, such as the Russian media group RBC and the Russian news agency Interfax on April 23 reported.
“Together with the central bank, we will set up a crypto exchange for particularly qualified investors. Cryptocurrencies are legalized and crypto business activities are taken out of the shade,” he said, according to a explanation translated from the Russian.
“Of course, this will not happen in Germany, but as part of the experimental legal regulations”.
On March 12, the Russian central bank announced a proposal, a limited number of Russian investors with a certain assets to buy and sell cryptocurrencies such as Bitcoin (BTC) to be enabled as part of a three -year test regulation.
The proposal stipulates that the bank is introducing a new investor category, namely that of the particularly qualified investors, which are defined by assets and an income of over 100 million rubles ($ 1.2 million) or an annual income of at least $ 50 million ($ 602,000).
Qualifying criteria have not yet been determined
The deputy director of the finance policy department of the Ministry of Finance, Osman Kabaloev, saidThat the criteria for a particularly qualified investor are not yet final because they were published in the initial phase of discussions last year, said RBC.
“Perhaps it will be in this format, or these indicators will somehow be adapted in one direction or the other – that is possible, I think there will be a wide range of discussions,” said Kabaloev.
With its first crypto law, which came into force in January 2021, Russia introduced a ban on using cryptocurrencies such as Bitcoin for payments.
Since then, however, the country has tried to introduce other cryptocurrencies. On April 16, Kabaloev argued that the Kremlin should create its own stable coin after the US authorities recently frozen Wallets, which were connected to the sanctioned Russian stock exchange Garantex and the StableCoin issuer Tether.
In the meantime, on March 20, Evgeny Masharov, a member of the Russian Chamber of Commerce, proposed to set up a state Russian crypto fund that should contain assets confiscated from criminal proceedings.
At the same time, other civil servants worked on new legislation to recognize cryptocurrencies as ownership of the purposes of criminal proceedings.
