Russia’s Ministry of Finance is proposing legislation to restrict the circulation of cryptocurrencies, according to Russian news outlet Izvestia. The Ministry wants to amend the Digital Financial Assets (DFA) Law, which was passed in July and comes into effect next January.
The DFA Law focused more on enabling digital securities and tokens but also defined digital currencies such as Bitcoin and Ether. At the time, it was expected a separate federal law would regulate the circulation of cryptocurrencies. But it appears the Ministry believes this route will be quicker.
While it seemed for a while that Russia was not going to outright ban cryptocurrencies, this newest proposal involves substantial restrictions. The Ministry of Finance’s proposed amendment to the federal law will make cryptocurrency miners unable to receive payment in the form of cryptocurrencies. However, producing crypto assets will still be permitted, which means miners who are part of a pool could receive fiat currency payment.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
