Russia (bbabo.net), - The government has decided how it will regulate cryptocurrencies. The tough option with a ban on almost all transactions with them, which was previously proposed by the Bank of Russia, apparently will not be implemented. The turnover of such financial assets will be regulated by the state with strict obligations for all participants in the professional market and an emphasis on protecting the rights of ordinary investors.

This follows from the concept of legislative regulation of the circulation of digital currencies published by the government. The purpose of regulation, as explained in the press service of the government, is the integration of the mechanism for the circulation of digital currencies into the financial system and ensuring control over cash flows in the circuit of credit organizations.

Now the circulation of cryptocurrencies is not regulated by law, but at the same time, in recent years, Russian citizens have invested in them, to put it mildly, a lot. According to expert estimates, individuals have opened more than 12 million cryptocurrency wallets, which contain (in ruble terms) about 2 trillion rubles. In addition, Russia ranks third in the world in terms of global mining capacity, according to the government's concept.

The complete absence of regulation of the industry, as well as the establishment of a ban on it, will lead to an increase in the share of the shadow economy, an increase in cases of fraud and destabilization of the industry as a whole, including due to the fact that the number of accounts in crypto services demonstrates a steady growth trend from year, specified in the concept.

"The establishment of rules for the circulation of cryptocurrencies and control measures will minimize the threat to the stability of the financial system and reduce the use of cryptocurrencies for illegal purposes, since a complete ban on the segment of operations related to their circulation is impossible," the authors of the document believe. This is the key difference between the position of the government’s concept and the position of the Bank of Russia, which previously proposed banning almost all operations with cryptocurrencies, including mining, and leaving only the opportunity to buy and sell them on foreign platforms and own them. The spread of cryptocurrencies creates threats to the well-being of citizens, the stability of the financial system, and the threats associated with servicing illegal activities with cryptocurrencies, the Central Bank pointed out earlier.

Participants in the exchange of cryptocurrencies in the event of their legalization in Russia will definitely not be anonymous, they will have to go through identification

In the concept of the government, it is assumed that as a result, a legal cryptocurrency market will be formed with the establishment of turnover rules and the circle of participants in transactions with cryptocurrencies, as well as requirements for them. As follows from the document, crypto-investors will be divided into qualified and unqualified - here you can draw an analogy with a similar division of investors in the stock market. Transaction limits will be set for unqualified investors. Those wishing to sell or buy cryptocurrencies in any case will have to be identified. Thus, one of the main features of cryptocurrencies in their current exchange format - anonymity - is absolutely not provided for by the concept.

Protection of the rights of citizens, in addition to dividing investors into qualified and unqualified, will be ensured through licensing requirements for cryptocurrency platforms (cryptocurrency exchanges), the government press service said. Those, in turn, will be required to have financial cushions for liquidity and capital adequacy.

The concept assumes that the organizers of the cryptocurrency exchange system will be Russian banks with a universal license and the ability to monitor the transparency of transactions with digital currencies (for example, use the Rosfinmonitoring system "Transparent blockchain"). In addition, it is planned to introduce an obligation for market participants to inform citizens about the increased risks associated with digital currencies.

The implementation of the concept will ensure the creation of the necessary regulatory framework, will bring the digital currency industry out of the shadows and create the possibility of legal business activities, the press service of the government notes. Supervisory bodies in this area can be the Ministry of Finance, the Ministry of Digital Values, the Bank of Russia, Rosfinmonitoring, the Federal Tax Service and the Prosecutor General's Office - follows from the concept.

The Ministry of Finance also proposed to allow foreigners remote access to the purchase of cryptocurrency in Russia, Interfax reported, citing the ministry's explanations for the concept. It will be possible to do this through existing foreign crypto-exchanges if they go through a "landing" (that is, the opening of a Russian representative office), and money from them will be withdrawn through authorized Russian banks.At the same time, the Ministry of Finance suggested considering the possibility of limiting the list of cryptocurrencies traded in Russia to protect investors. “At the moment, foreign cryptocurrency exchanges often do not conduct any verification of projects before listing, allowing openly fraudulent assets and cryptocurrencies of financial pyramids to be traded. In contrast, regulated circulation through licensed Russian organizers of the exchange system will limit the list of tradable assets and offer Russian citizens access only to the most mature and established cryptocurrencies, for which AML/CFT tools and procedures have been developed (combating money laundering and terrorism financing. - )", the ministry's proposals state.

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Meanwhile

In Ugra, it was proposed to mine cryptocurrency using associated petroleum gas (APG) from the fields of the district. In addition, the idea was made to make Khanty-Mansi Autonomous Okrug a pilot region for creating a regulatory framework for regulating the cryptocurrency market in Russia.

It should be noted that associated petroleum gas is a by-product of oil production, a valuable energy resource, but fuel and energy companies today use it at best by 95 percent, the rest is simply burned. Those who happened to be in the regions of hydrocarbon production in Siberia, probably saw huge burning torches in the fields. This is the flared associated gas. Giant bonfires burn around the clock, because it is often unprofitable to accumulate APG and deliver it to consumers from distant fields. A pilot project for the production of cryptocurrency from APG in Yugra was already launched a year and a half ago by one of the major oil companies at a field 120 kilometers from Khanty-Mansiysk. To do this, a mobile container with computing equipment was installed at the power plant operating at the field from APG. In a month, with the help of a mining farm, we managed to earn several million rubles.

A deputy of the Ugra Duma, a businessman from Surgut, Rinat Aisin, proposed scaling this project to the entire region. It is not yet known how much the district could earn from mining, but the deputy’s proposal has already caused a wave of discussions in it. Some are ironic: "Yes, it would be nice to buy a garage for mining," while others note that "we are on the verge of a smart, interesting and technological present, and it's a sin not to use new technologies."

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