The Russian government has approved a package of draft laws that will direct domestic cryptocurrency trading through licensed intermediaries and significantly restrict retail access.
Ministry of Finance he said On Monday, the government approved a package of draft laws on the legalization of digital currency trading and digital rights in Russia.
“Under the new regulatory framework, transactions involving digital currency without regulated intermediaries are prohibited,” the ministry said. The package would tighten state supervision of digital assets, while maintaining restricted access for non-qualified investors and broader access for qualified investors.
The framework introduces significant limits for retail investors, allowing purchases of the “most liquid digital currencies” to be defined by the Bank of Russia. Under these rules, retail investors must pass a test and are restricted to purchases worth up to 300,000 rubles ($3,700) a year through a single intermediary.
The proposal would still allow residents to buy cryptocurrencies abroad using offshore accounts, provided they report those transactions to tax authorities, a signal that Moscow is trying to domesticate cryptocurrency trading rather than ban it entirely.
Cryptocurrency operators must meet licensing requirements
The approved package includes laws on digital currencies and digital rights, amendments to some Russian legal acts, as well as changes to the Code of Administrative Offenses.
The framework establishes a licensing regime for entities engaged in crypto operations, including digital exchanges and custody services, while allowing banks and brokers to participate under certain regulatory requirements.
“As for banks and brokers, they will be able to conduct such activities provided they meet certain prudential requirements,” we read in the statement.
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The package also provides for administrative liability for violations committed by organizations engaged in exchange activities, part of a broader push on police over unlicensed crypto brokerage.
Critics say the rules could backfire on surveillance goals
While the government is seeking to formalize the sector, critics say the fresh rules could have the opposite effect and divert activity into unregulated channels.
“While the rest of the world is moving towards liberalizing access to stock markets through tokenization, we are for some reason doing the opposite, pushing cryptocurrencies into the framework of securities market regulation,” Exved founder Sergey Mendeleev told Cointelegraph.
“Ultimately, it will be like casinos – people will not play less, but everything will get out of state control and move to online and underground facilities,” he said.
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