The Russian government will not proscribe or punish the purchase or sale of cryptocurrencies, revealed Moiseev according to RT. However, the official stressed a stricter stance towards mining, suggesting a mandatory registration of cryptocurrency miners that would be limited to "legal entities and individual entrepreneurs." For others, the 39 Cryptocurrency extraction could be criminalized.
The official reportedly stated:
The sentences will be different, especially administrative, but if someone has created cryptocurrency for the purposes of settlements, then there will be a criminal punishment.
Operators who exploit crypto-currencies for the creation of a financial pyramid or for the purpose of avoiding tax will also see criminal penalties, adds Moiseev.
Notably, Moiseev pointed out that the purchase and sale of bitcoin and other cryptocurrencies would be legal in Russia. Although there are currently no rules or laws on bitcoin trading or mining in Russia, a mandate from Russian President Vladimir Putin has pushed the development of 39, a regulatory framework for initial offerings and the exploitation of cryptocurrencies in Russia. At a meeting in mid-October between Putin and the main Russian financial regulators, the Russian leader reportedly officially signed the regulation of mining and the provision of crypto-currencies such as bitcoin.
"[W] e agreed that the state should control the process of issuing cryptocurrency and its circulation.The state should take control of it," said at the time the Russian Finance Minister Anton Siluanov. "I will not talk about specific metrics now, but in general we agreed that the state should take the initiative in this process and regulate it at the legislative level."
Regulators are also drawing plans to impose limits on cryptocurrency purchases. A draft law provides for a maximum limit of 100.00 rubles (approximately $ 1,750) per person. A cap of 600,000 rubles ($ 10,370) is also under study.
In addition, Siluanov confirmed that the bill to regulate cryptocurrencies in Russia "will be ready" before the end of 2018.
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