- The Russian finance ministry has drafted a bill that would regulate cryptocurrencies in the country.
- The proposal outlines that Bitcoin would only be considered an investment vehicle.
- Citizens in Russia would need to complete a test before investing in the new asset class.
Russia has approved to introduce a bill that would regulate cryptocurrencies instead of banning the new asset class. The Russian finance ministry has submitted a draft bill on Bitcoin regulation, which considers cryptos solely as an investment vehicle.
Russia requires crypto investors to complete testing procedure
There has been an intense dispute between the Bank of Russia and the Ministry of Finance over the past few weeks, as they hold opposing views on cryptocurrency regulation in the country.
The Bank of Russia has insisted on banning the new asset class, stating that there are investor risks posed by cryptocurrencies. The finance ministry has strived to incorporate digital assets into a legal framework.
The Russian government gave the finance ministry the green light to propose a bill to regulate digital assets last week as President Vladimir Putin has highlighted the advantages of Bitcoin mining in the country.
According to the statement, the Ministry of Finance will have several restrictions for citizens who are interested in investing in Bitcoin, including identification requirements and custody arrangements.
Citizens who wish to invest in the new asset class must provide their personal information to buy or sell cryptocurrencies on regulated exchanges with a purchase limit of $7,700 worth of Bitcoin per year.
Investors will also need to complete a testing procedure that assesses their knowledge of cryptocurrencies before they are able to purchase Bitcoin. Citizens who fail the test will only be able to invest up to $650 worth of BTC per year.
Citizens would not be able to withdraw the crypto assets into a self-custody wallet, as deposits and withdrawals of Bitcoin to and from an exchange will only be available through bank accounts.
Follow us on Telegram
Stay updated of all the news
Binance CEO calls CFTC suit “disappointing” as district court halts Voyager $1 billion sale to Binance.US
Voyager’s deal with Binance’s United States entity, Binance.US, faced another hurdle on March 27, the same day that the Commodity Futures Trading Commission (CFTC) went after the crypto exchange. This is the second time in the span of a month that Voyager’s deal has been objected against by the government.
90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity
Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan.
This is how EOS holders responded to the network's EVM testnet launch, what to expect this week
The first milestone on the EOS Network Foundation’s roadmap, the completion of the EOS EVM (Ethereum Virtual Machine) code, was achieved on March 22, starting the countdown to the launch of the EOS testnet. Well, it is finally here and the community is elated as it brings them closer to the mainnet release on April 14.
XRP price recovers above $0.44 as court ruling approaches, will Ripple win against the SEC?
XRP price has kept its momentum, flashing green on the one-day timeframe as the countdown to the Ripple vs SEC lawsuit continues. The remittance token is moving in tandem with our prediction last week, soaring by a significant margin to secure a place among the best-performing cryptocurrencies on a one-week timeframe.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.