Russia's Ministry of Finance proposes to ban the organization of
A source familiar with the situation said that the Russian Ministry of Finance has prepared a relevant amendment to the cryptocurrency mining bill, which proposes to prohibit the organization of the circulation of cryptocurrencies, with the exception of the mining of stablecoins and cryptocurrencies. Currently, the purchase/sale, circulation and trading of cryptocurrencies are allowed in Russia, only the use of cryptocurrencies as a means of payment and advertisements that use cryptocurrencies for payment are prohibited.
Two security agencies opposed the Treasury's amendment. In an opinion, the Federal Security Service (FSB) said that the definition of organizing the circulation of digital currencies should exhaustively disclose all the characteristics of the process. The Commission of Inquiry (IC) believes that applying the wording proposed by the Ministry of Finance may create confusion between "prohibited circulation of organizations" and "prohibited circulation", which in turn would lead to legal uncertainty.
Two security agencies opposed the Treasury's amendment. In an opinion, the Federal Security Service (FSB) said that the definition of organizing the circulation of digital currencies should exhaustively disclose all the characteristics of the process. The Commission of Inquiry (IC) believes that applying the wording proposed by the Ministry of Finance may create confusion between "prohibited circulation of organizations" and "prohibited circulation", which in turn would lead to legal uncertainty.