Russia has approved to introduce a bill that would regulate cryptocurrencies instead of banning the new asset class. The Russian finance ministry has submitted a draft bill on Bitcoin regulation, which considers cryptos solely as an investment vehicle.
There has been an intense dispute between the Bank of Russia and the Ministry of Finance over the past few weeks, as they hold opposing views on cryptocurrency regulation in the country.
The Bank of Russia has insisted on banning the new asset class, stating that there are investor risks posed by cryptocurrencies. The finance ministry has strived to incorporate digital assets into a legal framework.
The Russian government gave the finance ministry the green light to propose a bill to regulate digital assets last week as President Vladimir Putin has highlighted the advantages of Bitcoin mining in the country.
According to the statement, the Ministry of Finance will have several restrictions for citizens who are interested in investing in Bitcoin, including identification requirements and custody arrangements.
Citizens who wish to invest in the new asset class must provide their personal information to buy or sell cryptocurrencies on regulated exchanges with a purchase limit of $7,700 worth of Bitcoin per year.
Investors will also need to complete a testing procedure that assesses their knowledge of cryptocurrencies before they are able to purchase Bitcoin. Citizens who fail the test will only be able to invest up to $650 worth of BTC per year.
Citizens would not be able to withdraw the crypto assets into a self-custody wallet, as deposits and withdrawals of Bitcoin to and from an exchange will only be available through bank accounts.
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