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In the draft law “On Digital Currency”, submitted by the Ministry of Finance on February 18, 2022 to the Government of the Russian Federation, the financial department proposes to replace the concept of a qualified investor with a professional purchaser of digital currency.
Now the agency proposes to consider as a professional acquirer an individual recognized as such by a digital trading platform operator or a digital currency exchange operator in the manner established by the government.
The name change did not affect the essence of the bill. It retains the condition that was in the original version: upon successful completion of testing, citizens will be able to invest in digital currencies in the amount of up to 600 thousand rubles annually. If the test is not passed, then the maximum amount of investments will be limited to 50 thousand rubles.
Russian legal entities, representative offices and divisions of foreign companies and international organizations established in Russia, as well as individuals staying in Russia for at least 183 days within 12 months, cannot accept digital currency as payment for goods and services.
It is possible to purchase and sell digital currencies outside of organized trading only from digital currency exchange operators.
Operators of a digital trading platform and exchange are required to maintain registers of holders of digital currencies indicating addresses – identifiers.
Electronic wallets of digital currencies must also be certified.
In addition, the bill establishes the definition of digital mining as the operation of one or more computing devices integrated into an information system that ensures the circulation of digital currency in this system, and the user receives digital currency for such operation.
Legal entities and individual entrepreneurs can engage in mining after they are included in a special register. Individuals who receive digital currency as a result of mining are not required to register as an individual entrepreneur if the energy consumed for this does not exceed the limits set by the government.
If passed, the law will enter into force on January 1, 2023.
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