The Cabinet of Ministers approved a bill to regulate the circulation of cryptocurrency

The press service of the Russian Cabinet of Ministers published a message on the approval of a bill regarding the regulation of the movement of virtual currency. The developed concept assumes state control of the market segment of the cryptosystem. According to the official decree, serious requirements are provided for all owners of digital funds. The rights of ordinary investors are not affected, even protected in certain aspects.

As part of the project, the Cabinet of Ministers plans to:

• organize the creation of the necessary legislative framework;
• ensure the withdrawal of electronic currency from the shadow structure;
• enable business activities in the legal sector.

The following people worked on the adoption of the bill regarding the legalization of cryptocurrency:

• Ministry of Finance;
• Central Bank of Russia;
• Rosfinmonitoring;
• Federal Security Service;
• Ministry of the Interior;
• The Federal Tax Service;
• Ministry of Economic Development;
• Prosecutor General.

The adopted concept provides for the licensing of organizations associated with the cryptosystem, as well as the registration of foreign exchanges with the ability to conduct activities in Russia. As part of the project, it is planned to assign the function of exchanging virtual currency to the banking institutions of the country. The system will be able to separate investors according to qualifications.