The Finance Ministry is seeking industry and public input on how to manage digital assets by March 18.
The Ministry of Finance of the Russian Federation has officially begun work on the country’s cryptocurrency regulation bill, by filing the first public notice on the federal legal portal.
On Thursday Russia’s Ministry of Finance issued two development notices announcing that they were beginning the process of developing a legal framework for dealing with and issuing digital currencies
The first announcement, called “On Digital Currency”, states that the government will launch a public consultation on the rules of digital asset transactions, inviting suggestions from financial market partners, citizens, and legal entities. The second notice describes a similar process for possible amendments to other federal laws requiring “digital currency.”
By the 18th of March, according to the notices, the ministry seeks to complete the public consultation phase of the crypto bill.
Furthermore, the draft bill was not released at the time of writing. A ministry spokesman said the authority hoped the document would be released in the next three weeks. “The process of open negotiations is in several stages. We are currently in the early stages of announcing the start of development,” the spokesman said.
Anton Siluanov, the current Russian Finance Minister predicts that the crypto bill will be passed by the end of 2022.
As per the recent local reports, the Russian government is expected to introduce federal crypto regulations on Friday, with the aim of finally forming a joint ground with the Central Bank of Russia on crypto regulation.
The Ministry of Finance had earlier unveiled the idea of controlling the crypto market by proposing to limit the crypto exposure of non-professional investors and to keep the crypto infrastructure under a single “digital currency exchange organiser”.