In an announcement published on Tuesday, the Russian government unveiled a plan to integrate the circulation of cryptocurrencies into the country's financial system.
The government aims to establish greater control over flows related to cryptos in the banking system, while allowing cryptocurrency platforms to operate without repressing technological development, but in a regulated manner.
In order, to better regulate the environment, the Russian government plans to divide investors in two classes: qualified investors and non qualified investors, meanwhile crypto service providers will have to follow liquidity and capital requirements. They will also be responsible of informing the Russians about the relevant risks involved in cryptos.
The Ministry of Finance proposal requires crypto operations to be done through domestic banks. The department also authorizes foreign crypto exchanges to operate in the Russian market, as long as they open an office and follow the local legislation.
“Implementing the concept will ensure the creation of the necessary regulatory framework, bring the digital currency industry out of the shadows and create the possibility for legal business activities.”
According to government estimates, Russians own about 12 million wallets, citizens of rubles in 2 trillion digital currencies (about $27 billion).