The Russian Ministry of Finance, and with it the Central Bank of Guy Moscow, is developing a legal framework for digital currency trading for wealthy investors only.
Russia is considering tightening trading on digital currencies for wealthy investors under the supervision of the Russian financial authorities, targeting access to a legal framework for digital currencies for highly qualified investors.
The Russian local news agency Interfax reported that Russian officials are studying a experimental project, which allows specific entities to circulate digital assets within an organized legal environment.
The head of the financial policy department at the Russian Finance Ministry, Alexei Yakovlevv, stated that the initiative targets “high -efficiency investors”.
This category includes companies and individuals who have assets of more than 24 million rubles or $ 250,000.
Although the Russian plan is still under development and aims to develop organizations that guarantee safe circulation of digital currencies within the country.
Yakovlev pointed to the possibility of implementing the project through a pilot legal system, as Russia is currently lacking comprehensive legislation for digital currency trading.
“We hope that this will be implemented in the near future, probably in the form of a demo legal system, and we are discussing that issue, and I cannot mention specific details yet, but the most important thing is that the issue is under treatment and moves forward.”
He pointed to the need to reduce risks and protect investors before expanding the adoption of digital assets, explaining that the integration of digital currencies into the broader financial system requires comprehensive regulatory control, which is an operation on which the Russian authorities actively work.
This initiative is in line with the broader efforts of Russia to regulate the digital currency industry, as the government agreed last year to a proposal, allowing traditional stock exchanges to circulate the digital assets of the specified investors.
In addition, Russia has strengthened its regulatory framework last year, as the government provided a tax system of digital assets such as bitcoin, and imposed tax rates ranging from 13% to 15% depending on entrances of entities.
