Russian Finance Ministry Opens Public Comment Period for Crypto Bill

The Ministry of Finance of the Russian Federation has officially launched work on the country’s cryptocurrency regulation bill, with a first public announcement on the Federal Legal Portal.

The Russian Ministry of Finance filed two development notifications on Thursday, announcing the start of the development of a legal framework for activities related to the trading of digital currencies and their issuance.

The first notice, titled "On Digital Currencies," notifies the government of launching a public consultation on rules for trading digital assets, inviting proposals from financial market participants, citizens, and legal entities. The second notice details a similar process for possible amendments to other federal laws that may be required “regarding digital currencies.”

According to the notice, the Ministry of Finance expects to complete the public consultation on the crypto bill by March 18.

As of this writing, the draft bill itself has not been released. Authorities expect to make the document public within the next three weeks, according to a spokesman for the ministry. “The public discussion process is carried out in several stages. We are currently in the initial stage of notification,” the representative noted.

According to reports, Russian Finance Minister Anton Siluanov expects the crypto bill to be passed by the end of 2022.

The Russian government is expected to introduce federal crypto regulations on Friday, aiming to finally reach a consensus with the Russian central bank on crypto regulation, according to local media reports.

The Ministry of Finance previously released a concept for regulating the crypto market, proposing to limit the crypto exposure of non-professional investors and put crypto infrastructure under the supervision of a single "digital currency exchange organizer".