The Russian Ministry of Finance has created and submitted to the country's government a draft law aimed at regulating the cryptocurrency sector, according to an announcement made on the ministry's website.
The bill has reportedly been developed on the basis of the approved concept of regulating the circulation of digital currencies.
According to it, the use of cryptocurrencies as a means of payment is prohibited on the territory of Russia, such assets are considered only as an investment instrument.
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The draft law establishes requirements for crypto exchanges. For these a special register will be created. The requirements will affect corporate governance, reporting, information storage, internal control and audit, risk management system and the amount of equity.
Companies will be obliged to obtain licenses, while the control of these will depend on an authorized body determined by the government.
Transactions with cryptos will be possible only if the customer is identified. This identification will have to be carried out both by exchanges when accepting customers for their service, and by banks when opening an account.