The new version of the law on mining does not contain a ban on the circulation of cryptocurrencies in Russia
The circulation of cryptocurrencies in Russia will not be prohibited, but the organization of circulation will be prohibited – the creation of exchanges and exchangers outside the zone of coverage of the experimental legal regime (EPR), explained Deputy Chairman of the State Duma Committee on Information Policy Anton Gorelkin in his Telegram channel
On April 26, a new version of the bill on the legalization of cryptocurrency mining in Russia was introduced to the State Duma. Among the changes is a proposal to ban the organization of cryptocurrency circulation in Russia from September 1. As an exception, it is proposed to allow the circulation of cryptocurrencies for test projects of the Bank of Russia within the framework of the experimental legal regime (EPR), miners and mining pools.
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This condition has been put forward by a number of market participants who note that the legalization of Russian cryptoinfrastructure currently rests on geopolitical realities. Providing business with unhindered access to this area could lead to falling under Western sanctions, Gorelknin explained the position of the deputies.
“It’s a paradox, but the ban on organizing the circulation of digital currencies is rather a protectionist measure,” Gorelkin wrote.
He noted that in the future the restriction on the organization of turnover may be lifted. Currently, no one prohibits the use of foreign cryptocurrency exchanges and exchangers, the deputy clarified.
The “organization of circulation” in the bill means the provision of services entailing the transfer of digital currency from one owner to another. In addition, according to the bill, “advertising of digital currencies and advertising of the organization of circulation of digital currency is prohibited.”
Currently in Russia there is a ban on payments in cryptocurrency, but there is no ban on its circulation. The project itself was submitted to the State Duma on November 17, 2022.