The Ministry of Finance has prepared a concept for the regulation of cryptocurrency in Russia without its prohibition. This is reported by RBC with reference to the report of the ministry.
According to the publication, the department has proposed to carry out all operations with cryptocurrency in Russian banks. Moreover, both citizens and legal entities will be able to buy and sell cryptocurrency.
The Ministry of Finance proposed dividing customers into qualified investors and unqualified ones. For the last category, transactions and amounts on them will be limited.
Banks will be able to control and track transactions, follows from the concept. The Ministry of Finance proposed to collect the name, address, date of birth, email address, phone number, passport details, client photo, bank account number, card used to purchase virtual assets, its expiration date and CVC code.
In addition, banks will be able to track information about the device from which transactions are made and transaction data. To identify illegal transactions, it is proposed to use the Transparent Blockchain service to “create a database of crypto wallets associated with illegal activities.”
Part of the functions will be distributed between the Central Bank, the Ministry of Finance, Rosfinmonitoring, the Federal Tax Service, the Ministry of Digital Development and the Prosecutor General’s Office, the report says.
Earlier, the ministry called for «regulating, not banning» cryptocurrencies in response to the Central Bank's proposal to introduce a complete ban on any cryptocurrency transactions on the Russian market.
Or the complete cessation of cryptocurrencies in Russia. Why did the Central Bank decide to ban bitcoins