Russian finance ministry submits cryptocurrency bill in parliament

The cryptocurrency bill expected to bestow legal status for the digital assets in Russia.

The current status of the bill seeks to eliminate trading involving the cryptocurrencies and the Russian rubles.

The ministry of finance is Russia has today submitted a cryptocurrency draft to parliament. The draft has been dubbed the Digital Financial Assets bill and is now in the State Duma. The parliament will attempt to categorise the digital assets into the Russian law. This is intended to clear the uncertainties that have clouded the cryptocurrency space in the country. 

The current status of the bill seeks to eliminate trading involving the cryptocurrencies and the Russian rubles. The law of the only allows the companies under the low of "Securities Market" to deal with these assets.

A section of the bill says: 

“Operators of exchanges of digital financial assets can only be legal entities established in accordance with the law of the Russian Federation and carry out the types of activities defined in articles 3, 4, 5 of the Federal Law of April 22, 1996,” 

The operators, according to Article 4, are supposed to act under the KYC terms and conditions provided by the legislation. 

“A digital wallet may be opened by a digital exchange operator of financial assets only after passing the procedures for identifying its owner in accordance with the Federal Law ‘On Counteraction legislation (laundering) or proceeds from crime, and financing of terrorism.”

If the current bill in the parliament passes, Russia will allow cryptocurrencies a legal status.