The government and the central bank of Russia have just reached an agreement on how to regulate cryptocurrencies in the country.
As follows from the announcement made yesterday, both institutions intend to develop a draft law, to be presented next February 18, which will define cryptocurrencies as an "analogue of currencies" and not as digital financial assets.
According to this regulatory framework, cryptocurrencies would only operate in the legal sector if they have full identification through the banking system or authorized intermediaries.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Currently, Bitcoin transactions and possession of cryptocurrencies are not prohibited in Russia, however, these must be conducted through a "digital currency exchange organizer" or peer-to-peer exchange licensed in the country.
It has also been reported that crypto transactions above 600,000 rubles (around $8,000) will have to be declared. In case of failure to do so, these will be considered as a criminal act. In addition, those who illegally accept cryptocurrencies as a form of payment will face fines.