The Ministry of Finance of the Russian Federation has officially started work on the country’s law on regulating cryptocurrency and has published the first public announcement on the Federal Legal Portal.
On Thursday, the Russian Ministry of Finance presented two development statements announcing the start of the process of establishing a legal framework for activities related to dealing with and issuing digital currencies.
The first message, titled “On Digital Currency,” indicates that the government is in the process of launching a public consultation on the rules for dealing with digital assets, and calls for proposals from financial market participants, citizens and legal entities. The second note describes a similar process for potential changes to other federal laws that might be required for digital currency.
Per the warning, the ministry expects to complete the public hearings on the crypto bill by March 18.
The actual bill has not been released at the time of writing. According to a ministry spokesperson, the audit expects to release the document within the next three weeks. “The public debate is being conducted in several stages. “We are now at the initial stage of reporting the start of development,” the representative said.
Russian Finance Minister Anton Siluanov reportedly expects the crypto bill to be passed by the end of 2022.
RELATED: Minister Says Bitcoin Ban in Russia ‘Similar to Internet Ban’
According to local reports, the Russian government is expected to introduce federal cryptocurrencies by Friday to establish common ground for cryptocurrencies with the Russian Central Bank.
Previously, the Ministry of Finance issued a concept to regulate the crypto market and proposes to restrict access to crypto to non-professional investors and to transfer crypto infrastructure to a single “crypto exchange regulator”.