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Draft of Russian Crypto Bill to Legalize Trading on Approved Exchanges

Russian Deputy Finance Minister Alexei Moiseev said that his ministry supports the proposed bill.
Rachel McIntosh | News ( CryptoCurrency ) | Friday, 12/01/2018 | 10:18 GMT


Photo: Rachel McIntosh
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Following the presentation of a drafted bill to place regulations on the usage of cryptocurrency in Russia on December 28, a list of approved cryptocurrency trading platforms is being developed by the Russian Ministry of Finance.
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Alexei Moiseev, Russian Deputy Finance Minister, told reporters that the Finance Ministry “supports the legalization of trade in cryptocurrencies on official exchanges.” According to Moiseev, the Finance Ministry “[does] not want to limit and regulate, but we will set some limits.”
Moiseev concluded that the bill is intended to make the crypto landscape in Russia more stable. “This is about the fact that buying and selling [of cryptocurrencies] will be somehow standardized. The general idea is that it will be necessary to buy and sell on official exchanges, as it will be declared, it will be legalized.”
The proposed legislation is a refreshing turn in Russia’s attitude toward cryptocurrency regulation, which has been rather foreboding in the past. In late August of 2017, Alexei Moiseev said that it was “hard to argue cryptocurrency is not a pyramid scheme” and that the Russian government planned to only allow “qualified investors” to trade crypto.
Then, in October, Russia announced a ban on access to online cryptocurrency exchanges. At the time, Russian Central Bank First Deputy Governor Sergei Shvetsov said that “We cannot give direct and easy access to such dubious instruments for retail (investors).”
Russia and Crypto: A Storied Past

The bill responsible for the proposed legalization was originally conceptualized in April of 2017, when the Russian government decided that an official bill containing laws regarding the regulation of cryptocurrency was necessary.