Russia Drafts Bill for Legalizing Cryptocurrency trading on Approved Exchanges

Nishanth Shetty

January 12, 2018 8:58 am

Russia Drafts Bill for Legalizing Cryptocurrency trading on Approved Exchanges | Coindelite News
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The Russian Ministry of Finance is drafting a bill for legalizing the cryptocurrency trading on approved exchanges. The ministry is already preparing a list of approved trading platforms.

Some Exchanges are going to be Legalized

Alexei Moiseev, The Russian Deputy Finance Minister told:

“My Ministry supports the legalization of trade in cryptocurrencies on official exchanges.”

He included that they do not want to limit and regulate, but we will set some limits, nothing will happen to those already possess cryptocurrencies.

Moiseev included:

“This is about the fact that buying and selling [of cryptocurrencies] will be somehow standardized. The general idea is that it will be necessary to buy and sell on official exchanges, as it will be declared, it will be legalized.”

List of Legal Platforms will be Discussed

The bill for the regulation of cryptocurrencies and Initial Coin Offerings (ICOs) was jointly presented at the end of December of last year by the ministry of finance and the central bank.

Tass reported:

“Following the discussion at the public council, a number of comments were made, which we are now finalizing, Moiseev clarified that his ministry plans to finalize the bill, including the development of rules for the circulation of cryptocurrencies and submit it to the State Duma in February.”

Moiseev revealed Regarding the trading platforms which are going to be legalized:

“We will now actively discuss this issue, [list of approved exchanges]. This issue is currently unresolved. The rest is more or less clear.”

Putin Emphasized the Requirements for Proper Regulation

The bill for regulating the cryptocurrency and ICOs in Russia is expected to be adopted in March; Anatoly Aksakov, the chairman of the State Duma Financial Markets Committee said that President Vladimir Putin has mandated the regulatory framework for both cryptocurrencies and ICOs be finalized by July 1 of next year.

Putin said that “legislative regulation will certainly be needed” for the Cryptocurrency market, in a meeting which was held with the heads of print media and news agencies on Thursday.

Putin described:

“It is known that there is nothing behind cryptocurrency. It cannot be a means of accumulation, there are no material values behind it, it is not provided with anything, it can be, in a certain degree and in certain situations, a means of settlement, which is quickly done and effectively.”

RT quoted that Putin said:

“If we regulate, but not efficiently enough, then the government will be responsible for the difficult situations that people can get into, right now it is the responsibility of the person himself and the government can only say you can do this but you can’t do that, and if it’s still not clear then there will be some problems that need to be solved.”

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