The Central Bank of Russia has developed a concept for regulating the cryptocurrency market, which rather fixes state control over digital assets than opens the way for their development. The proposed model formally defines the legal status of cryptocurrencies, but in fact integrates the market into a rigid system of currency and financial supervision. This was reported by the Foreign Intelligence Service, writes UNN.
Details
According to the document, digital currencies and stablecoins are recognized as currency values. They are allowed to be bought and sold, but their use as a means of payment on the territory of the Russian Federation is prohibited, which consolidates the ruble's monopoly in domestic circulation. Thus, crypto assets are finally deprived of any function of alternative money and are reduced to a narrow investment tool.
The circulation of cryptocurrencies is allowed exclusively through controlled intermediaries - exchanges, brokers and trust managers. A separate regulatory regime is introduced for depositories and exchangers.
The concept also introduces a strict classification of investors. "Qualified" market participants receive relative freedom of action, with the exception of operations with anonymous cryptocurrencies. "Unqualified" investors are limited to a list of the most liquid assets and a limit of 300 thousand rubles per year through one intermediary.
Although the regulator allows cross-border operations (buying cryptocurrency abroad and transfers outside the Russian Federation), such actions are subject to mandatory declaration to the tax authorities. This once again emphasizes the fiscal orientation of the Central Bank of Russia's approach.
As a result, the proposed model does not liberalize the digital asset market, but conserves it within strict control. Strengthening regulatory barriers and restrictions for investors will restrain legal domestic demand and, contrary to the declared goals, may only strengthen illegal channels of cryptocurrency circulation in Russia.