The Russian government, through its central bank, has reached a consensus to draft a new policy and amend the existing one before February 18, recognizing crypto as a currency.
Russia is planning to add a mechanism for the circulation of cryptocurrencies into its financial systems while maintaining control over the financial health of institutions involved.
The proposal requires that any amount exceeding R 600,000, equivalent to $8,016, be disclosed in line with the banking system laws. Transactions done outside the proposed laws would attract penalties.
The new legislation would also require that crypto service providers have reserves to insure against any eventualities that could lead to losses.
There are also plans by the policymakers to compel the service providers to educate investors on the associated risks in crypto investments.
The consensus is a change of stance from the Bank of Russia, which had opted for a blanket ban on all cryptocurrencies and related activities, citing threats to the financial system.
Source: Russian Government